Off-market takeovers don't require market liquidity. They could easily put in a minimum acceptance clause. Yes, that would require disclosure of identity but would save $millions.
I can't understand the logic of this deal from the perspective of Private Equity. AZZ is a distressed company with negative equity and a loaded Convertible Note gun pointed at their head and somebody is paying top dollar? Fools and their money, I guess.
This suspension is good. If the deal is legit, shareholders win. If the deal falls through, shareholders are just as equally boned. Which is why AZZ should have done a Voluntary Suspension days ago instead of trying to play Secret Squirral.