I also agree with, and want, new shares in a form which counts as a business combination, and is not subject to tax on capital gain which would be the case in a cash buyout.

I also believe the current management wants to avoid immediate tax consequences on any deal they make.

I was the beneficiary of a large increase in value on one of my major investments a number of years ago. Unfortunately the majority shareholder wanted a cash only deal (tough luck ordinary shareholders) and of course there was a heavy capital gains tax to be paid on the proceeds. Even at only 50% of the gain being taxable, when it is big enough, it is taxable at the maximum rate in Canada or nearly 50%.

To make the situation worse the company had been paying a very nice dividend which qualified for the dividend tax credit.

I invested the major part of the proceeds after tax but could only get quite a bit less (considering the reduced value invested from the after tax proceeds) as new distributions which are not benefiting from a dividend tax credit.

I am not complaining but certainly hope that the value of the medication continues to be reflected in an investment which does not have capital gains tax and starts to pay a good dividend as it becomes recognized as being valuable.