I don't think I've used the word "decline". I've referenced...

I don't think I've used the word "decline". I've referenced growing risks. As just one example their own pitch from August, repeated in the AR, is "there continues to be pressure on margins". So that's not an entirely new thing, and it's not going away.

And no, she wouldn't have to announce an offer. Quite regularly you hear about "preliminary, incomplete, non-binding, indicative, conditional" blah blah blah offers which occurred months or even years earlier. Hell, sometimes you even hear about fully funded unconditional bids which the board bounced way back when because they (say they) didn't think it fully valued the company and wasn't worth troubling shareholders with.