RE:RE:I am not tendering my sharesOne plausible explanation could go something like this (and btw I agree with you that this offer is deficient):
.1. ESI has nothing to lose. They own at least 10% of TDG (as of first news coming out). They probably bought and are buying as there is no standstill provision;
2. if shares keep going up then they are in a better position as they have made money on their investment and they know that they only have to get another 40% of people to accept (presuming they only have 10% of shares)
3. if share value stay higher than bid and no new bidders come along, dont be surprised to see them dump everything that they own in TDG, take a nice profit, watch the shares dip below the 1.68 price and buy back big time;
4. once 3 happens, then come back at 1.68 or a higher number as, presumably, all of the shareholders will say "wow those folks at ESI were nice to us and we did not take their offer the first time, but we will now"
this is what I would be advising the ESI board to do...ie they cant lose regardless of what happens. The only fly in the ointment would be if a bunch of us tendered our shares and they actually got the company at 1.68, then what? Seems that there is over capacity in the industry and this is an expensive way to acquire market share and or get a higher percentage of your rigs working (as presumably would consolidate existing rig counts between the two companies by about a half).
Anyone see a flaw in this logic and am not saying that this is based on anything other than pure speculation (thats a nice way of saying bs)