I am going to suggest that the entire reason for having Pelligrino 2.0 created when it was, was as defense to an in-hand but undisclosed extremely low-ball bid.

OK. Let's say some actor had put up the $3. A $600MM offer sitting on the table.

For fun, in the land of Nest and Snapchat, let's make it $5.

One Billion Dollars. Cash. Small unmarked bills.

Sitting there on the table, right under your nose.

How do you treat it, knowing that it's an existential threat?

The Pelligrino machine is how.

If the (non-public) DD in it clearly laid out information that $2.5B indeed sets the bar below which serious discussions cannot occur, it's not too far a stretch to see that its purpose was as a tool to wave, allowing the board to laugh and yell FOAD at anything lower.

That said, $3 is an insult, $5 is an insult, and so is $10.

Some gentlemen might be inclined to use a brass rail yardstick:

• $20/each starts the dance.
• $50/each might get you to the back room.
• $100/each could take it home.

imo.

R.