Chart, page-1485

"...they could buy RHT for a billion ($2.50 per share) or maybe less ..."
Yes, much less. They could probably buy on market up to 20% without raising the SP above about 30c (to 50c), then make a takeover offer and pick up enough to get above 50% for about a dollar.

One problem faced by any takeover party is that Panton holds about 20% and so getting in excess of the 90% required for absolute ownership would requite his support. I would suggest that any party thinking of a takeover would first ask Panton what price he would sell for, and whatever was agreed would be the takeover offer, which would succeed. If t/o party is happy with just a controlling interest then may only need to pay $1, give or take.