If one was wanting to be taken over, one would want as many people bidding as possible.
The usual process. UNS has cut off all dealings with any other bidders/offers.
The Jan 4th announcement stated what was to be negotiated - no mention of t/o.
So if people are talking about a t/o now, then anybody with half a brain would want other bidders bidding.
And I don't see Shortall talking t/o - he would want more than what would be offered - so then it would have to be a hostile t/o.
Now if a t/o was on offer, then the board would have to make recommendations (and announcement) if it agreed to the terms. Then other companies could make counter offers. That is how t/o's are done - not behind closed doors. JMO.
UNS Price at posting:
22.0¢ Sentiment: Hold Disclosure: Held