RE:my wrap up
It is not Delek that I would be blaming, but management for accepting something as blatantly unfair as this. The stock should take a larger bump than this from commencement of Stella pumping, and given the imminent date for this, the proposal is for all intents and purpose a "below market offer".
To rationalize the offer as an opportunity to cash in, can only refer to restricted stock that management cannot simply sell, and to use analyst target prices - my goodness is this a stretch.
There are only two reasons for this to be accepted - they are putting up the for sale to draw in alternative bids, or management has simply tired and wants to walk away.