Im a bit disappointed. Too small and no/not much premium.
Im inclined to hold.
But, this is an opportunistic offer in that it gives large holders a way out without killing the share price but leaves the majority of the cash with the company which could benefit us in the long term.
I was expecting more. A larger offering at a higher price or a large dividend.
This leaves the company with far too much cash and may put a lid on near term price increases.
Im reminded years ago of an attempted tender offer by BAMM. The price was too low and nobody tendered. The stock went up a good bit even though they never bought back a share. And later the stock & the company #$%$ out.