Two simple reasons. Firstly, as said above, TNT doesn't set all the terms and conditions. The other party may want cash rather than shares.
Secondly, management probably guessed that by now the share price would be higher than lower. I would have too. They don't have a crystal ball. Sometimes you just have to roll with what the market does.
Management is responsible for what they do in how they run the company. The market will do what it does. I'm very happy with management overall since they took over, and so I don't blame them for the market response. If you think management is doing a bad job you should probably sell. If you think they're doing a good job and the market is undervaluing our shares, you should probably hold or buy.
Or, hey, you can hold and whinge if you want, but it's silly if your criticisms don't make sense.
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