RE:My sentiments as well Crow on your post - as you indicated It is insulting but not that Delek cares. Remember it's their first offer just like someone lowballing a house they like with the hopes of bringing the listed price down a few pegs from fair market value into "stupidly brilliant" value territory. The current offer doesn't even factor in the effect of Stella's startup which I believe would have pushed the sp past $2 so there's definitely no premium. The value offered is a backwards look only and overly discounts/unfairly risks future upside, higher commodity price trends and the real possibility of exceeding what should be conservative production targets.
The only weapon the shareholder has is their voting shares. I know it sounds super cheesy but together we have the power to force a more fair offer for IAE's great assets and long term production story. Oil won't stay in the 50's beyond Q2 - my firm belief. Let's choose not to be Delek's cheap date.