Either way, management LBO will work too. The following might be a possible scenario. I suppose they can accumulate 20 million shares with today's price @ $3 a share. That's $60MM in total. The figure will be even less if they have already own some shares. If they offer $5 a share, that is about 58% premium to today's close. Total cost of the LBO is $500 MM (100 million shares @ $5/share) since they have already own 20 million shares. The cash on hand and the future revenues (used as loan collateral) will be more or less cover the cost. Basically, they can take out WIN with a pastry $60 million if shareholders agree to the $5 per share bid.