Put another way they needed to look at 3 cupboards (1 per month...

Put another way they needed to look at 3 cupboards (1 per month = 3 months exclusivity then deal done). Cupboard 1 might have that many skeleton's that it's going to take 3 months alone! Definitely worth taking money off the table and if you're a die hard bull buy some call options!

This thing needs to drop back to lower levels to reflect the significant risks involved for a deal to get announced let alone implemented on agreeable terms