It states the offering price is based on the trading price on May 1, hence the $19 offer. Could that be why they jammed the earnings, figuring the move down would nadir on the second trading day, so push them out on April 30 so your offer price is based off a low trading price (May 1)?
A desperate attempt to jack the company before CI is involved , I would rather take my chances with CI over management I think he will do the right thing and return value to shareholders and most importantly himself. To think that management granting options is a big deal is really business as usual for guys like this. They take all they can get and then they move on. No matter how ruthless the old titans of industry were at least they risked and believed in their companies to have a lot of their personal wealth in that company and thats the problem with our current system.