I believe that they can ... Hence I imagine they could theoretically continue this fracas forever.
You'd think they would have at least altered the bid by now, if for no other reason than to give shareholders the "impression" they are sweetening the deal - eg 50 pulp shares for every BRM share .. but given that BRM and FRS constitue 60% of their MC, it is a zero sum game.
Looks like they might push it down lower today in an attempt to shake the tree yet again.
Only rail can deliver us from this mess.
BRM Price at posting:
$5.72 Sentiment: Buy Disclosure: Held