Well my thoughts are that they had a large debt coming due at...

Well my thoughts are that they had a large debt coming due at the second half of this year - but at the same time they had the cash on the books to repay it in full.
That they are asking for more capital in tis situation suggests to me two main things:
1. They don't want to refinance - this they had indicated for a while now - not the least by having so much cash on hand.
2. That they don't believe their loan book expansion is quite finished yet so because of 1 they need more capital.

The return on assets for CCV is pretty good, I don't think that they need to leverage to make the returns acceptable for equity investors. Further, I think its prudent to pay down debt in this environment where qe is easing off slowly, especially for a co like CCV. The current PE on this co is gold for a deleveraged business and thats what they apparently seem they soon will be.

Then there is the price. Its short term supply and demand. We'd already reached an equilibrium. Why would those who wished to put more down on CCV do so above the offer price? In the long run CCV will be priced on earnings, not on a once off CR offer price. We see this particular story all the time.