"The other kicker is IF, a bid does come in, management and the BoD must deem the bid material or not material and must bring it to a shareholder vote."

Chris,

It seems to me that if management wants to reject a low-ball offer without bringing it to shareholders they are free to do so based on the first Pellegrino valuation. I think that protects us up to around $4.70.

You also said in an earlier post that the market won't offer more than 30%-40% above a 90 average (or something similar)

These two points together suggest that it is very unlikely we will be hearing about a takeover offer anytime soon. I think that was what we were supposed to infer from your comments.

As you can see, many folks on this board are now spooked/paranoid that we will be taken out cheap. I think what should be inferred is that an offer to take out POET will be unlikely in this pre-revenue stage, since a 40% premium, even on the 52wk high, only brings the offer up to $4.

You also implied that P2 is to get an outside party to put a price on POET IP. Following BCDs logic (which I agree with completely), POET should be able to reject unfair offers without a vote beyond the $1B price tag.

The only way around this math as far as I can see is a hostile bid. This would be a situation out of management's control. In that scenario I would hope the SRP would be designed to offer us maximum protection.