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The reason you cannot otherwise turn buying out off is that buying out the other players is the normal win condition. If buying out was just disabled, the game would never end and noone could win.
Great idea! That its almost like real life, you could have areas where it´s "probable to find something" and you had to send a team to analyse the area and then tell you if there is something worth exploring.
It would also make Scientific better, since for them that quantity on the individual tiles oftentimes doesn't matter as much.
This would also solve the problem of grouped resources, if some were blanks, no bonus for adjacent mines. This would really put a lot of emphasis on good scouting/exploring.
It would be nice to get a better feeling of how you are doing, every time the buyout came as a bit of shock... I almost felt I wasted my time playing the game.
Game mechanicly it works like this:
Before all the stocks of a company is bought up, any player can buy one tenth of the stocks at a time. Once all are bought up, any player can buy all the stocks owned by other players in bulk, to aquire the company. Buying stocks from other players cost double the normal price, and the money is payed to the player owning the stock.
So buying your own stock does protect you, in the sense that it forces your opponents to pay double for those stocks. It will only help in a somewhat close game though, since if an opponent is making A TON of money, having to pay double will only be a minor obstacle.
As you get a bit better at the game you will start getting a sense of how well your opponents are doing, and then getting bought out won't be such a chock. It is just what eventually happens if you fall behind or aquire a lot of debt (debt devalues your company by several times the amount you owe, debt is BAD).
Regardless of weither or not it's logical though, all companies HAVE to be possible to buy for the game to work, since buying the others is the win condistion. Otherways the game would stall and never end if more than one company bought it's own stock.