Well, the board as taken a slightly unusual approach here in that whilst it hasnt outright rejected the offer they have instead granted DD. You'd only do this if you believe there is something in the business which the buyer hasnt seen/forecasted, thus supporting a higher price.
Behind the scenes I think the following has happened; it has been made clear more money is required and the rumour is $3. The consortium doesnt want to pay this, indeed some major SH wants to accept the current offer as they believe it is 'full'. In light of this the consortium has brought in another party to contribute funds as $3 isnt achievable for the original consortium members. However it remains to be seen whether the DD actually identifies further value and there is a real risk that the consortium will walk away. You have to remember that following DD the consortium can withdraw the offer as no formal acceptance or rejection has been provided by the board.
To repeat what Ive said earlier, the stk has never reached the prices currently proposed by the consortium. Not even when divs/yields were higher.
And of course if a higher offer does emerge Ill say great work BOD.
