The 9.8 million options that fall due in about a month may have been weighing on their minds.
Normally management can find the money to pay for big parcels of options by selling off a percentage of the shares.
In this case they would have to find $4.9M from somewhere. If they rejected this bid, and the price plummeted they would be a bit hamstrung in trying to make good on the market.
With the bid in place, they can exercise the options and immediately unload for a rough and cool $10M profit.
Perhaps a factor, perhaps not.
BOW Price at posting:
$1.49 Sentiment: None Disclosure: Not Held
