The conundrum which you describe is a very real possiblilty. With the relatively large float that NOT has, I would think that, even if management recommends acceptance of an offer, if individual shareholders, like you and I get together, we could reject the offer. Our judgement should be based on a conviction through an independent assessment of the value of NOTs assets. And I don't mean a company hired by NOT to give a fair value assessment!!! All I can say at this point in time, is lets try do the best DD we can to estimate a realistic takeover value. Listen to any and all estimates, but be prepared to accept that the fair market value will be somewhere in between. An educated shareholder can be a very formidable opponent!

Regards

geoprof