i doubt very much that they (TTY) would want to get IRL too cheap because that would leave all the optionholders out of money. there are $110M options which at 20c is $20M cash and this cash would be very valuable in a market like this. if tty was to takeover IRL they would have to offer something like the equivalent of 25-30c to get most of the optionholders in the money.
rumour, page-11
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