Another thought.

If this activity were in preparation for a takover, it would also negatively affect all the longer term investors and share holders.

Whether it comes in the form of a "forced buyout" in cash - that would be lower than otherwise - or in the form of fewer shares in the combined entity than would have otherwise been offered, it results in reduced realized value for the current shareholders of PEM.

These are not concerns that "being a longer term investor" will cause to go away. It will impact even the longest term investor.

This includes the current majority shareholders in PEM.