While I understand your point, I don't think it's technically correct. First, I don't believe the prior "offer" was a legitimate offer since it was contingent upon a few things like financing and due diligence. In other words, the board is not obligated to only sell the company for $26 or more. With the recent announcement of their results, that is new "material" information that gives cause to a buyer lowering their bid. Based on the trends and economics, highly unlikely someone does this deal for more than 30% premium over recent levels.... which makes $16-18 look good right now.