How much would it cost him? 4 - 5 - 6 Billion? His net worth is 14-16 Billion. Yea, you're probably right, he's 76 years old and would rather die with all 16 Billion, rather than take a Smile on his face to his grave knowing he destroyed Ackman.
I'm on the sidelines here just watching (no position either way) but my honest opinion is that HE WOULD tender just to burn Ackman IF he thought he could make money on the deal. IMO, he realizes there is no money to be made. It's very interesting though. JMHO, GL