GG The offering is precisely pitched at 27.1% they could have...

GG
The offering is precisely pitched at 27.1% they could have off loaded the lot another 37m shares. It has been done deliberately to make CRZ move on the whole company. CRZ last paid $1.00 and their current ownership of ICQ is 23% so with the founders offering 27.1% that gives CRZ 50.1% and control. The way the founders have done this is by way of aiming it at CRZ for control or others parties to take pieces up to 19.9% thus creating some price tension.
CRZ really by now know what they are going to do. It's just down to the price. If CRZ take any more than 3% more then they have to launch a full take over as they are already over the takeover threshold (19.9%) and only allowed to creep 3% pa. So if they take the 27.1% then they will have to off that to all shareholders with conditions attached no doubt.