What I don't get is this. The response states:
"The Ambassador Board has determined that Drillsearch’s Revised Offer is superior than the Magnum Hunter’s proposed offer (announced on 10 June 2014), and recommends Ambassador Shareholders accept Drillsearch’s Revised Offer in the absence of a superior offer."
Note, "in the absence of a superior offer".
The response then goes on to inform us the Chairman and CEO have already accepted the DLS offer. I would have thought the Chair and CEO would have followed the Board's advice and waited to see if a superior offer emerged.
Why have shareholders who collectively hold approximately 26.43% of Ambassador’s shares advised Ambassador that they have accepted the DLS offer without waiting to see if a superior offer emerges.
Can anyone come up with a plausible explanation?
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