Yeah its interesting.
I can imagine that if they come back with some kind of offfer worth say 3.80, there would be a lot of disgruntled holders and they would have trouble getting the offer to succeed.
On the other hand, based on its profitablity and taking into account a year of management distraction and the absence of synergy benefits, SYB may only be worth 3.50.
Not a happy position for shareholders.
