If the CEO of the purchasing company has a fiduciary duty to act for the benefit of his shareholders, why would he he offer a 500% premium when he could offer a 30% premium for the initial offer? The whole point of getting suitors comfortable with Zen's graphite is that they feel comfortable making bids up to X (as determined by each individual suitor's DD). I wouldn't be surprised if the first bid was what many on this board consider a low ball offer just because of the current share price.