Now that we are on the topic..I will explain how takeovers work. Firstly, it depends whether it is a hostile takeover or a friendly takeover. Hostile being clearly that the buyer does not have managements approval or acceptance. Friendly being management and Board has agreed to terms.

Either way...shareholders vote by tendering their sharesto the buyers offer. The buyer needs 66 2/3 percent of all outstanding shares to force the other shareholders to tender at that price. If they do not get that percentage...they either give up ( no usual) or they must increase their bid to get over the magic percentage.

In Argexs case they have a takeover pill which is put in place which can be triggered if a hostile bid comes in and they do not recommend it (at their discretion). It gives rights to current shareholders to increase the number of shares so the buyer really cant buy the percentage needed.

The ultimate job of the Board and management is to Maximize shareholder value, and not just think of themselves and possibly the golden parachutes executives get beyond the share gain. The poison pill buys time for the management to go to other potential suitors and maximize value.

You are not required in either case, hostile or friendly, to tender you shares. Holding out is sometimes good and sometimes bad...Your call