The board have made the right decision.$6.25 offer is an insult. Try $7.50 and then your talking.Why take the first offer in an auction?Who needs a TO anyway?With the aussie infrastructure sector yet to really fire and more aquisitions like - "Coates today also announced the acquisition of specialist equipment hire firm Prime Industrial Rentals, from Atlas Copco for $38.7 million."... then COA is going to fire up.I reckon National Hire will be back again with another offer some how some way, and I don't mind, they are a great operator too if they do aquire COA. Boom Logistics - watch out...