first offer is very rarely the last

Whether its a house, business or public listed company, the first offer is very rarely the last.

When you buy a house or a business, do you put your best offer in first? Most put something in lower to test the water (possibly get lucky). Most bidders also realise this fact and will purposely go lower, so that there is room to increase ('meet in the middle'). ZFX aren't a complete bunch of idiots and knew they were never going to get a takeover at $1.

You can analyse the figures until you are blue in the face, but the fact remains, the first bid is very rarely the last. ZFX haven't spent all this time, money and energy to bow out after round 1. Be interesting to see where they go next....