Ann: Trading Halt, page-152

I think that may be true if they had made a formal binding offer. Not so much for an indicative non-binding offer.

MIN may well have just picked up the phone to an ESS director and said, “If we were to offer you $1.50/share, what do you think you might do?”.

MIN would obviously prefer for the discussion to remain confidential. ESS however would want to make a big deal out of it all in the hope of sparking a bidding war.