We know that this Company's BOD follows the rules and are ethical. So given that, they will no doubt provide the information required to all shareholders be that a buyout proposal, a PEA or whatever. If a deal comes in today or if a deal hinges on certain economics then that will be revealed in due course. Let's be honest here though - how could a $20/share offer be rejected regradless of how good the PEA is looking?

A pre-PEA offer could be followed up by the PEA release and that would allow for any other bid. A smart first offer buyer would have a large breakup fee though.