takeover, page-94

Mkr just keep it simple. Why would IHA buy 19.9% if all they wanted to do was have a blocking stake? They could have easily stopped at 12%, 13%....

Also in 2015 when the board knocked back the indicative non binding proposal the bidder did not have a stake (being the largest shareholder) of 19.9%. Because in 2015, if the bidder did have a stake of this magnitude one would suspect ISU would have gone private then.

Let's not forget that most large holders (e.g. Funds) that have lost a vast amount of money on ISU have already sold out. The new Funds that own are well in the money and would love a $1.20 + offer.

Just my opinion but ISU board's best chance is to simply get the best price out of IHA should they want it!

If IHA wants to make a proposal and the board rejects it, then they risk a hostile offer that has a very likely chance of succeeding and that means no chance of retaining a board seat and or no nice termination payments.

This is just my opinion as a holder !

*This is not financial advice