I have stated this many times in the past and will repeat myself again. The large shareholder group in ECU are very long term players and committted to the end game which is either build a large mill or be taken out so a good portion of the stock is in very strong hands. This groups interest are exactly the same as the retail investor and they are our best friend against a hostile undervalued takeout unlike the hedge funds and others who mess with the stock. ECU management can make less than 10 phone calls and talk to interests who hold about 55% of the stock and they support the future development path that ECU is pursuing.

All takeover attempts are different but normally once in play a transaction will be completed and the only discussion is at what price. Each shareholder has to make their own mind up whether to tender or not and only if 90% of the stock is tendered is the final 10% automatically tendered as well. So the outcomes can vary but normally a deal gets done with the arbs also a big factor in deal getting done because they want their cut.