So does this offer have to be formally refused before he proposes a revised offer? While I see many references to the WS board members voting, the actual yes/no vote will be from the majority vote of the well society members, right? The WS board will then relay that result to MFC EB, right? It seems that there would be some non negotiable requirements for any revised proposal from EB but who will establish those requirements? Having hundreds of people, voting as one entity and owning 71% of the shares adds some extra complexity to the situation. Fairly straightforward to take a yes/no vote and feed that result back but a bit more complicated to generate a document with requirements. Who’s draws it up and who approves it? WS board members? Another society vote ? In the interests of expediency for both sides I think EB needs to know what non negotiables any acceptable offer must contain (or not contain) the if there are any deal breakers there we are finished and can move on.