The price is reflective of the last bid by the German group several years ago (march 2011) It was about the same value and was deep sixed by TGX management. Have things changed that much with TGX management? This may be a sucker's bet. In these situations----there also has to be an offer that is acceptable to management that will make THEM happy. Shareholder concerns are often NOT at the top of their list.
Yes, it is different this time. Based on what was said in the PR, this buyout was negotiated by TGX management AND post-June 11 they will open it up to other "bidders"....while I don't expect there to be any (though ya never know), it does tell me that TGX management has pretty much decided to sell the company.