Good Oil Podcast, page-12

It seems to be you who doesn't understand takeovers.
A company can only accumulate up to 20% without launching a takeover bid. If BKW goes over 20%, they are obliged to table a takeover bid. They went up to, but not over 20%.
$100m is the market capitalization, not a takeover price. If Mark and Mike (with their blocking stake) want 10 cents per share, then the takeover price is approximately $500m. If they want 30 cents then $1.5bn.
There are many holders, like myself who would vote against a takeover unless the price was substantially greater than what it is now. Otherwise, I can just keep holding on and holding on.
I see the potential market cap of FBR to be greater than BKW because they have a unique technology that could enable revenue in the order of magnitude of all of the brickmakers in the world. (Working on the premise that bricks and laying are more or less equal in price).