The stock traded to $141 back in July. Any Offer less than that would be a "take under" and there are a lot of hedge funds who own this stock at those higher prices that would probably fight a low bid. One hedge fund valued WLT at at least $168 in July, as high as $220. It will have to be a substantial premium from today's price in order to be a good bid. $120 would be too low, given where it traded in a good market and the underlying value of their assets.