It isn't bad, but at a bid of .83, why would I sell a cash offer of .85? Does anyone believe the Board will be required to solicit other bids?
If they don't them yahoos are even dummer then I thought !
Mind you a positive outcome of such an exercise remains very doubtful given historical results of past efforts. Hoever, they do have a fiduciary duty to shareholder, hence have to investigate any and all possibioity to enhance the value.
Don't forget anyway this offer is being spinned, this is a hostile take over.
To be seen how it all unfolds, this end sold half and wait and see for the rest...