There is more to this than we shareholders know.
Tim isn't stupid and to accept the cash deal as it stands would see him receive $986 million which immediately incures a tax liability in the hundreds of millions , even if the bulk of his holding is in a family trust. He won't want cash and neither do most long term holders. He knows that.
Maybe there has been a massive blow out in the cost of ramp up to production and ongoing operational costs. Maybe the funding is proving difficult. We don't know, but I can't see this going for $3 and certainly not for an all cash offer from anyone.
As of today I am switching my sentiment to Hold having last bought at $2.55. But it's not a Sell.
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