VOC should reject $3.50/ share offers from KKR, and should...

VOC should reject $3.50/ share offers from KKR, and should advice shareholders to do so. If I bought a working vehicle for $100,000 and is making let say $10,000 annual returns. And someone comes a long and offer me to buy it for $35,000. I would not sell. Unless it will not make similar returns subsequent years.

I don't usually use IRR for my investment decisions. But in this case, IRR gives similar outcome. IRR of 23% represents high returns. Only when the cost of funds hit 23%, VOC could make negative returns. I don't think VOC is borrowing at 23% interest rate. As the normal commercial rate is probably 10% or lower, I believe VOC will remain rather profitable business.