I know there is an offer at hand, but why should we accept the offer if they are only going to give us peanuts (well below intrinsic value) for the breakup? We aren't in financial distress, and more value can be provided to shareholders by simply carrying on with our business.
The board, if they do their job correctly, needs to strongly reject this lowball offer for part of our company, which fundamentally undervalues our entire business.
In this case the typical "in the absense of a superior offer" statement would not be applicable since the superior offer/decision would in fact be to reject the offer and carry on with business as normal as a profitable and growing business at the cusp of breaking into international markets.
Ann: hummgroup 1H22 financial results briefing, page-24
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