Kiaran- Usually tender offers where a company takeover is the goal require a minimum number of shares to participate or subscribe in order for the tender price to be realized. In our case, Bob controls most of the o/s of the company. So what makes you think it will actually go through? Admittedly, some tender offers do not have a minimum subscription requirement, but those normally involve an entity that only wants a small, non-control chunk of the o/s.