important info for shareholders, page-19

Eel, I think this is a pretty good assessment of Ceph's position.

The challenge won't be getting to 50%, it will be getting to 90%.

It will all boil down to how many shareholders are prepared to hold out indefinitely rather than book the cash. If they are prepared to hold out Ceph will have to put up or shut up (ie increase the price or settle for less than 100%).

BUT I'm not sure I agree they will only want 100% -- you don't usually make an offer with a 50% condition if that is your goal.