Lets assume for a moment that this new company is an exchange traded company. Why, first of all, would a Regular traded company be interested in a Grey stock, with a huge non reporting year?? And lets assume that they do somehow want to buy this company and merge, Why would this new company expand it's own share structure Hundreds of Millions of shares and Dilute its already happy shareholders that they have??
But the flip side is, if it is a non traded company, again, why would this company want to merge with a non reporting company??