Well - energy prices may not be so favorable for a takeover in a few months - nobody knows. They also have the results of an independent experts report - so know that any work done to put together a TO should get a receptive hearing by the board. There isn't much time, but the lawyers will know the deadline, and for option value - you would wait til as near the last minute as possible.
Csrescent haven't won anything until the deadline is passed obviously.
Ann: Crescent Increases Proportional Offer to $3.45 per share, page-15
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