I disagree. How often does the acquiring company make their...

I disagree. How often does the acquiring company make their first bid their final price? very rarely.

This is just an initial opening price to sense through discussions with shareholders, and the media etc where the appropriate level is that the board and shareholders are happy to part with LGL. Sounds like that level might be about 4.50 - 4.80. So I see a friendly revised price at about that level the most likely scenario.

If the LGL board do not like that sort of price well yes we may have to wait for 9 months for a hostile bid which will ultimately prove successful anyway.

Then there is an outside chance of another party starting a bidding war.

I can totally understand people buying this at $4.