Ann: Third Supp Bidder's Statement and unconditional final offer, page-14

Agreed, think its clear that the directors (other than maybe the chairman) didn't think the stock was worth a $1.00, or maybe even $0.88, a few months ago.  Not to say that they're correct, but I think its a stretch to think that tax considerations would drive that sort of decision.  Plus I think that the directors should have been aware of the signal that they send to the market when they do that.   A broker also pointed out to me that the directors plan to pay themselves cash bonuses because of all the work they have to do because of the takeover offer (apparently was in the Target's Statement but I missed it).  I would have thought this was already part of those blokes' job descriptions.