takeover paperwork received, page-3

While I agree generally with your comments re ESS parrotting Smithdt arguments (generally summarised as cash is better than the risks of not selling), they do make one comment why ESS directors thought better to sell out. They say that automation of sampling is the way to go in future and that they see this requiring a lot of R&D with uncertain success. Taken against the background of the $$$ writedowns they suffered over one of their first auto systems and the time to satisfy the customer, maybe ESS got frightened and have a realistic view of the hurdles to jump. Other than that, I agree there are no good reasons put forward why better to sell than own, except that the price is higher than it was in recewnt times (but unstated it's also a lot lowewr than prices before their selected period of comparison). I hope a higher bid comes from elsewhere.