I know everyone has opinion on management, but I believe the takeover bid and turn down were both good for TCHC.
Look, like Jerry Seinfeld said "You can't just tip over a vending machine in one push, you have to rock it back and forth a few times until it falls." Just follow the triangle of CF Industries, Terra, and Agrium right now.
What the bid said is that a company looked at TCHC and saw an opportunity. Now maybe the herd of acquirers will take notice and others will begin to make there own assessments of TCHC's value. Who knows, one good quarter and the takeover value could easily be $10. You never hold a company hoping it will get taken over if it's not already heading in the right direction, but if it is and the company has a target of 'buyout' on it's back, all the better.
This may just be the event management needed to get a swift kick in the ass.
In a year, all will know if it was better to take the bid. When we track TCHC and HCII over the next year, the decision will be obvious. When I see losses from TCHC for the next six months and profits for HCII, I am beginning to not trust TCHC management for acting in us stockholder's interest.