in FWR response is that they don't believe they can avoid a NOT takeover without providing shareholders with some sort of carrot to prove that shares should not be tendered. Comments about the potential of entering into agreements with third parties is at present rather ambiguous and again seems to imply that they can't just say hold onto your shares and we'll be just fine on our own. Their response seems to be that they are very worried, much more than some of the posters seem to be, worried that they won't be able to hold the takeover off unless they have the support from some other entity or option. What that says really is that they would not take it for granted that the shareholders will act in favour of maintaining the status quo. The comment about spinning off assets to shareholders sounds more like a self destruct sequence set in motion to allow survivors to escape in emergency pods while inflicting some damage on the aggressor. I have no way of knowing what will happen or whether FWR's actions will ultimately be the best for shareholders regardless of how well meant they were. We all have to wait and see but I suspect that the results will surprise most of us and will likely be unanticipated. Seems to be how things work.