Here is the simple reality: Everyone has his or her own objectives, tolerances for risk, needed returns, etc. The decision to hold or sell is only a mistake if it is not consistent with one's own personal objectives. I, for one, believe that there is a far greater chance that a materially higher bid (or bids) will surface than the likelihood that a deal will fall apart and the $8.50 disintegrates. So, to me, $8.50 is a floor and the risk reward balance heavily favors holding and not tendering and, therefore, hoping that others do not tender. There is some risk, but in my view it is nominal and, in any event, is risk I can handle. In fact, I would suggest that, overall, the initial decision to invest in OCAT involved a risk far greater than the current risk of the 8.50 deal falling apart. Nevertheless, one's circumstances may have changed and the current risk, though nominal (at least to me) is not worth taking. So, there is no one right or wrong answer- as is generally the case when dealing with investment, reinvestment, or divestment decisions in the market.
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