I agree that $25 plus would be required to mount a full...

I agree that $25 plus would be required to mount a full takeover, but Hochtief would probably be happy to soak up only a small portion of what they are stating they wish to purchase. To get it all would be a bonus for them. Another 5-10% at a knock down price at the bottom of the cycle and then come back at a later date with a higher priced offer to soak up the rest when the parent has more money. The market has a current premium on the offer indicating it thinks the price low ball. ACS and Hochtief have a record of gradual acquisition. I will hold with interest as this company is becoming a lot more profitable as it gets its business back on track and will rise regardless of this offer.