After conversations with other industry participants, I continue to question the timing of the bid and the expiry date.

Specifically, why would the board agree to accept a bid that comes in during the heaviest vacation period of the year, as well as, an expiry date right after Labour Day?

By doing so, the board significantly reduced the ability of any other company to prepare a competing bid.

The board, in its infinite wisdom, can disagree with shareholders on valuation and make a case for accepting this bid (though few would agree).

However, I can see no basis for accepting timelines that virtually eliminate the possibility of creating an auction process for the purpose of attracting a higher bid.

Common real estate agents create auctions for their listings by scheduling open houses over a weekend but not allowing offers to be presented until after the weekend is done. Why was the board not able to do the same?

CONCLUSION

Why did the board rush to complete the bid over August/Labour Day when industry heavyweights are generally on vacation?

Why didn't the board require a later expiry date (i.e. September 30th, October 15th)?

If the board didn't violate its fiduciary dut to shareholders on the value of the bid, have it violated its duty with respect to timing of the bid?

Regards,
George