Put yourself in the shoes of Madison: turn down bids deemed too low vs the business rationale, come up with an alternative offer at a lower price (for lack of any other current suitor, even if not in the interest of minority shareholders), keep the option of a capital raise (at an even lower price!) if the buyout offer doesn't go through.
I don't necessarily approve but I respect the thought process...
Takeover Bid may be over, Capital Raising is coming, page-4
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