I would think the order is
Formal offer to the Board of Directors.
Board weighs the offer, accept, deny, ask for how he is going to pay for it.
CEO files payment plan. Cash or loan.
If loan then who what where when
insert possible Seeking Alpha hit piece and Rick Pearson
Hit piece to move the stock price down, then up, then down, then up.
The good news is that there are no options for this stock. So Shorters have to use hard cash.