He did the same with Avon. If shorts thought a buyout offer was bad, wait for open market purchases that will drive up the price and attract bandwagon followers to squeeze the shorts. A buyout has a line drawn - a hostile stock purchase can go up to any price. Rochon's Richmont capital controls billions and it's certainly their next move. Rochon didn't buy BTH shares just to dump now.
This is the best way to go, if they are willing to pay 16.75 in cash for the shares, hell, they should be viewing it as getting a steal on the shares on the open market at 12.00. They should be buying up everything they can get their hands on. Honestly for them return on investment wise that might be better, buy in the open market and take that float away and engineer a short squeeze and then when the panic ensues the stock goes parabolic and they return a few hundred percent.