On the contrary, I believe the directors dismissed the low ball...

On the contrary, I believe the directors dismissed the low ball bid because they are of the opinion that ITE is worth much more than the say mid twenties bid that was lobbed. You would have to presume it was effectively mid twenties considering the sp and the resulting Mexican stand off witnessed during the bidding process. The fact that they are going ahead with the issue demonstrates that the directors believe that the company is capable of reaching or has reached critical mass and going it alone. I suppose we just have to wait for the next big hitter to step up to the plate (and apparently they are there.) Or wait for some of these contract dollars to appear on the bottom line.

Cloaka in Noddy Land