There are a number of good reasons why it is in the best...

There are a number of good reasons why it is in the best interests of Directors to take the MIN offer.
There are at least one good reason why it is in the best interests of Directors to recommend smaller sh,s do same.
I believe that Directors think that smaller sh,s have enough sense to know their reccmmendation is biased & not to be taken seriously.
My 18.5 m first bt . in May 2006 @ 11.5 but most in Dec 2019 rfs @ 0.35 cts - all say thanks but no thanks.