Board's RecommendationAlthough the Board said they are not making a recommendation on the takeover, really they did make a recommendation: Wait until after the takeover tender deadline on July 26 at 5pm. Then if Kramer gets more than 51%, tender within 10 days after that. Otherwise, don't tender ... meaning wait for the results of the arbitration.
If Kramer doesn't get 51% by July 26th, he has a decision to make: Sweeten the offer to something like $2 per share from 95 cents, or go to the arbitration and risk losing the equivalent of $4 per share in the judgment.
Both sides are faced with the same decision on the arbitration decision. As Clint Eastwood said in his Dirty Harry movie: "Do you feel lucky today?"