Ok Mazan, I get what you're saying and I don't necessarily disagree that a larger company will take a run at Poet (OI success is the assumption) But honestly, $3-5 per share seems a little low. If all unexercised warrants and options are taken into consideration then the fully diluted valuation is approximately $1B for the whole shabang. Now I may be off a little bit but I honestly believe that the board of directors would not recommend to the shareholders an offer for Poet that would approximate $1B. If the suitor goes hostile then I believe a bidding war MAY result in which case all bets are off. I believe and hope a buyout may yield something more than $1B.

Hogan