Ann: Variation to increase offer price, offers unconditional, page-9

Going short with the diminishing free float, and possibility of further buy outs at the same or higher price? It's not logical, but it actually might be profitable on a short term, because shorter's "help" is probably what the Crescent is counting on to get mor shares on the cheap.

The whole deal, coming from the PE with not-so-clear-intentions and offering to buy only half the shares, is designed to bring the price down and take over the controlling stake while the price is depressed. It's quite good plan for Crescent, not so much for shareholders in the short term, but then again not worse than where the CDD shares were heading previously.

I would punt that Crescent will aim to make a quick buck on this, so possibly that they're working on a deal to re-sell CDD controlling stake for a nice (higher) price - there should be no shortage of prospective suitors.