Very much agree abogatin, golden move by TPG. If they snare BBG...

Very much agree abogatin, golden move by TPG. If they snare BBG at $1.45 they'll be wetting themselves with delight. That being said, I reckon you'll get the token sweetner to get the retail holders over the line - still a big win for TPG. Bottom line is they went early (I'm actually surprised they waited that long) and low balled the board after Merchant raised the white flag. Going early also forces other potential buyers to show their hand quickly should there be any. If they get trumped by a solid bid, so what, as you said they make a tidy profit. My guess is the BBG board are going to delay, delay, delay, sit there and pray to god another buyer comes from the heavens - not unlikely given the offer price. Importantly TPG have now set the timing device for other buyers. The board must and will open the books after the previous fiasco - I'm sure its already been decided from day one. In the event they spurn these guys and it all goes pear shaped they'll be sacked anyway. Either way, the boards clock is also ticking in my opinion.