spurned takeover

I posted sometime back about the perils of Directors not giving shareholders the chance to decided whether an offer is good enough or not.

I am not sure how I interpret the announcement and am unsure whether it was knocked back on account of uncertainty of an offer or because the price is too low. If Archer came back with unconditional 52 cents, would they still regard it as undervalued? Bear in mind that all oteher questions about relationships etc could have to come out in Part B Offer Documents.

Ignoring the uncertainty of the offer aspects, as the Directors believe that 52 cents signficantly undervalues the business, I would expect to see a raft of director notices re share buying or alternatively, wonder whether there is still something in the wind that precludes that happening.

I am long and holding.