chubbito,
I hear what you say, but I think there are other considerations that may affect a final offer price.
Although the majority shareholders account for a significant amount of the stock, there are still a large number of shares in the hands of smaller investors, many of them long-term holders. A lot of these investors may now wish they had sold at $11 when they had the chance, and as the price is forced down, the pressure to sell and bank the profits remaining on the table increases. Logically, the resource in the ground at RS is worth a lot in future sales... but in fact, the shares are really only worth what a buyer will pay for them.
Further to that, the majority shareholders have accumulated at an average that is much lower than the current share price. Therefore, they may be prepared to sell and take profits at a lower price level. There is no way of knowing what selling pressures the major holders may be under at any given time, and although they may act together to strike a final price, there is no guarantee of this... one may settle for a lesser price than the other.
Isn't there a point at which a stock (no matter how "valuable") becomes so illiquid that it is almost worthless? After all, if there are few willing buyers, the seller is left with very little option.
So what if a big player is using the sell down to send a message to all holders (big and small) that price and worth are sometimes vastly different things?
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chubbito,I hear what you say, but I think there are other...
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