He said this would be viewed "as a device to insulate management from transactions that could enhance stockholder value."

"We have a public responsibility beyond delivering stockholder value," he said in an interview.

We understand the uncertainty can be unsettling and can damage stockholder value.

"Do they see themselves as losing power or gaining in stockholder value?"

The group, led by two New York arbitragers, said it wanted management to enhance stockholder value.

But we hope management will do as they said and work to enhance stockholder value.

The move, shareholders were told, reflected "our desire to enhance stockholder value."

It concluded, it said, that "a sale of the company now would not optimize stockholder value."

"We are focused on maximizing stockholder value now and in the future," the Medicis board said in a statement.

Kaisertech plans to explore a possible sale of the company, among other choices, to maximize stockholder value.