I don't why you guys continue to be amazed that hdr are tarding...

I don't why you guys continue to be amazed that hdr are tarding higher than the cash offer price. You seem to forget that 41% of the shares can converted into tle which means that hdr should be trading at around 2.07-08 to take this fact into account.
Certainly doesn;t mean tlw will have to offer more than the 2.02 in cash becasue they are effectively doing that with their share conversion option. Also they would only have to offer a higher cash amoutn IF another bidder comes into the game. Otherwise ultimately we the share price (including the share conversion component) will continue to trade around these levels