It is interesting to view RG's past statements on the subject. It took a few communications before he started to mention the word Public in the full M&A discussions, but IMHO it appears that that it's importance has grown over time. These statements are in chrological order starting with earliest first. Opty

We are not ruling out the consideration of an acquisition of another public entity either

These relationships can assist in facilitating discussions with potential M&A candidates, both private and public.

We have identified three other “companies of interest” that would require the services of an investment banker. (I think that means public)

Engaging an investment banker at this juncture legitimizes our broader M&A efforts and allows us to target larger opportunities, including public companies.”

In addition to the above activities, Imperial will initiate contact with several public "companies of interest".