Ann: Response to Media Coverage - Non Binding Indicative Proposal, page-112

I have no idea about STX's intentions.

All I'm saying is that:
1. There is no offer on the table right now, so you cannot arbitrage to STX by buying TPD.
2. By trading below the STX indicative price means that the market in general does not believe that STX will be making a binding offer soon.

It was 3 years between the time STX first put in a proposal to WGO and making a formal bid for WGO (at a lower conversion rate to the initial proposal).