Interesting thoughts narmac and I agree that big pharma likely now is being held at bay wrt RVX by the fact that they know that the big investors will not let it go on the cheap. However when one starts to consider taking a public company private in Canada a simple majority vote will not do the trick. Generally the bare minimum standard for this type of takeover is a 2/3 majority vote of each share class and a slam dunk is only achieved with a ninety percent vote in favor by shareholders. Even on a fully diluted basis I don't believe insiders cumulatively hold 2/3 of the shares of RVX and in the case of only a 2/3 majority there would likely be some disgruntled shareholders who would seek protection from the courts under oppression rules. To get a ninety percent vote I would imagine the offer would have to be quite rich even now. Perhaps bring that one on :)

Another reason that that insiders would probably tread carefully on a takeover play is that if they tried to takeover RVX on the cheap it might bring out competing bids. I think the huge potential (stress potential) upside of RVX's IP has probably placed a lot of industry eyes on the company and some might be tempted to get in on the action should they see an opportunity to potentially get a bargain. If RVX insiders were to initiate such a play and subsequently lost the company to a competing outside bid it would not be the first time that has happenned in Canada.

Of course you can never say never but this type of play can be expensive, time consuming and provide a very big distraction within a company. But, again, never say never.