4DS - Anything but Charting, page-35407

Sam, it is the duty the Board to act in the best interests of the shareholders.

Not taking this to multiple interested parties to form competing bids could potentially cost the company many billions in sale value.

You are here because you obviously believe in the technology ( or two main investors do at least). If you aren’t prepared to wait to achieve the best possible outcome financially then you could consider a number you are happy with and move on when we hit that number.

Infineon are a minnow in the tech world. Not only are they unlikely to be able to compete with the big 4 in a price auction but it is not in our best interests to sell too early. If Infineon make a big offer it simply means they are confident that there is nothing better coming (imminently), which is even more reason to allow time for other potential buyers to assess what we have.

There could be a temptation for the Board to settle early because the sales bonus pool has a very low threshold to trigger it and they would walk away with a fortune…… but I seriously doubt they need reminding of their statutory duty to shareholders.

Infineon may well live to have our memory tech but I think they are unlikely to succeed in buying it unless they are part of a consortium.