Just thinking out loud on this deal.

Bharti has over 10M shares of Crocodile....and I'm sure his average cost is closer to zero than any other number.

When you are an insider, it is hard to get your money out of these things as it is a terrible sign of weakness for the company. I'm sure he is happy to be able to take some of his money out and I wouldn't be surprised if mnay of his shares are tendered here.

The arbitrage traders will likely scoop up the bulk of the volume and will appreciate the extension of the deal due date. The ability to make 2-4% in 2 weeks will have great appeal.

I might tender half of my shares to get the full price, maybe sell some on the open market, and might hang on to some for the long haul. A tight share structure with Luxor owning the bulk of control may make for increased prices. I would however expect them to try and shake the tree a few times and scare some into selling so that they may take full control.

The good news of this still being listed is that my warrants are still in play and they are good for 5ish years, so it's not a total wash out.

I've got to know the Bharti's business a bit better over the past year or so. For interests sake, check out my Alder hub on Agoracom I started it a few months ago and I recommend you read the first few posts. Their region caught fire last week and I wouldn't be surprised if Forbes Manhattan et al put a lot more focus on properties like this. It seems their M.O. is to build companies and sell them, so mission accomplished for Crocodile.