I think people will short anything if they think they will get...

I think people will short anything if they think they will get something out of it. The thing we can speculate here is how the board is going respond shortly. Even if they are not going to take offer seriously, they would at least use this opportunity to boost the SP even more. They'd be stupid not to. I think the 52c/share offer is fair based on their 2009 net assets (this would mean a genuine offer). But, they will use the renewed and new contracts to bargain. Expect another announcement soon with no definitely answer.

Please comment on what you all think. I'm no expert. Just giving my 2c's worth based on what I've researched so far.