The undiluted market cap of the company is not more than $12m, so how much do you think they would give for a slice of it? $50m? They could've just thrown in an unsolicited offer to take over the whole company for $18-20m and noone could say a word, because that would be an 80% premium compared to to the current share price. Personally i don't like the script option in the offer, because we barely know anything about the potential buyer, so I hope it will be an all cash offer at same stage.
It's not the offer that's bad, it's the previous management who let the company sink to these levels are to blame here.
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