VPE to try to take-over ITC when ITC's sp is so very low at...

VPE to try to take-over ITC when ITC's sp is so very low at present?? (with script instead of cash).
IF VPE where to mount a 1 VPE for 3 ITC shares held now, this would value ITC at about 9c or double the current ITC sp?
I believe that VPE might be successful getting this done in such a way - or am I completely wrong on this?
Comments most welcome.
wasa