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You may be correct in your assumption that price is the issue. These are outside directors which are instrumental in the negotiation, and that is the reason for the 14D filing. I would certainly think that there could be other issues relating to the terms of the exchange other than the total price, even for those not associated with management. Their fiduciary duty should direct them to cut the best deal for shareholders as a whole. I have my fingers crossed for more money.
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