I agree, any TO discussion is ridiculous. I think the Pivac's...

I agree, any TO discussion is ridiculous. I think the Pivac's shareholders might be around $60M after lots of hard work. It's going to take a number of years to realise the real value which will be many many multiples of this value.

They have not spent 20 years developing a dream. To sell out before their dream to change the construction industry turns into a reality does not make sense. If this JV is signed, it becomes a really easy business to run (easier than trying to develop the machine and scrap for money) as they will be running a franchise head office whilst others do the hard work of building. Once this is cash flow positive they can really have fun and continue to innovate without the cash restrictions !! This is what they love doing.

Re a hostile TO outside Pivac's control by others, yes they can just take the money and walk away. This is really simple, FBR is worth a lot less in the medium term without the Pivac's. Whilst Hadrian X is good now, it cannot afford to stand still for long as there will be similar machines developed by other companies in the coming years. Whilst it has taken 20 years to develop, a well funded company (eg. ICON) will not take long to develop a similar machine as a competitor. People can work around patents with different designs. Need Pivac's vision of "where next" to continue to evolve Hadrian X to maintain its advantages. I'm sure they have plenty of ideas they still want to implement on Hadrian X.