It Is CASH, page-13

I think the reason is "baggage". If you've been holding the stock for the past 24 months, you'd have been through the process before - offer made, shares jump - then the offer was rejected. There was a fear that we might be taken for a similar ride again.

Of course, the circumstances are much different now, but it is hard when you are trying to deal with that kind of emotional baggage of repeatedly seeing the value jump only to be smashed back down again.