It seems to me that you've missed the point..... A $1.50 offer via a 3 for 1 share exchange appears to be a good offer when in reality it's worth much less than that. So, a competing offer would have to be substantially higher, say $1.75. It's debatable whether or not CMM is worth 1.75 now? Obviously the market does not think so. Who can compete using real money when an inflated bid is on the table? Hiding behind an inflated $4.50 share price really skews the bidding. Are CMM shareholders going to accept a competing offer at $1.25 when the inflated offer appears to be $1.50? Not likely.... The options for CMM shareholders would be to sell just before a $1.50 buyout because the share price will tank once done. The paper tiger doesn't care because they knew the real value to begin with. CMM shareholders that hang on just lost big time as they were taken over by a price that is less than it is now and they are diluted in a big way so any future growth is diminished.