I believe in a hostile takeover their is a way the offer-or can force the offer to a vote of the shareholders, and while they may recommend against it, the shareholders will decide. In this case I suspect the company has a lot of shares themselves, or friends and associates that are holding those shares, so getting a vote against the recommendation of the shareholders is nearly impossible. Such an offer if made does normally send the stock price us to near the offer price, and some of that added value will hold even after the offer is rejected.

Gary