It was an unsolicited offer, so the timing was decided by Casa....

It was an unsolicited offer, so the timing was decided by Casa. No doubt that they knew they need to take this off the table before potential is realised by market and financials. Clueless Board lack negotiating skills and too desperate to jump off the ship as it has all become too hard.

I think there is enough time for alternate offers. Maybe the Board had at least some success in pushing the timing out long enough for others to make an offer. I think Casa has made a mistake in making such a low ball bid that will inevitably bring in others bidders. But they will remain in the box seat in any bidding war as they have the longer relationship and a great synergy to exploit to enable a higher offer.

As I mentioned before, the 1.075 price to me indicates more is expected. That 2.2% arbitrage is way too low this far out from final vote and payment. Also tells me market does not see risk from FIRB which I agree with given it's a US company.