merger details out, page-182

One of the Directors owns about 6% of the shares from memory. You would think that would be enough motivation to still be looking!

It also has been mentioned on this thread a few times that no cash bid will be accepted due to the tax on the gain on sale. This is incorrect as they can accept a cash bid for the demerged EFS company and the capital gains burden (if any) would fall upon the shareholder rather than TXN. They are currently progressing the demerger, so this still remains a real possibility.

My guess is that SEA didn't offer cash as buying the EFS company from TXN would not be considered "like for like" and didn't satisfy their gain rollover needs. Therefore SEA still need their cash to make a land purchase.