I guess it could technically happen if they got 51% of the votes...which means John Kluge would have to agree to it (like he really cares what happens with the company as he's worth billions). The problem would be that they would have to get a fair value opinion from Houlihan that is in line with the offer price. So they probably couldn't get away with buying it for $1, but they might to able to get it for $1.75 (which is still way below fair value). If they tried to screw shareholders then the BOD would get sued and that would be a big mess.