This is significantly below the tender price, and is a result of the mechanics of the deal, which we explain below.

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We also are prepared to commence a cash tender offer reflecting our higher price.

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It would merely require an open tender offer to existing shareholders at a price attractive enough to get majority ownership of all voting shares.

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The Trustees, who were also highranking officials of Grumman, determined not to tender any of these shares and on October 12 and 13 used Plan funds to purchase 1, 158, 000 additional shares of Grumman stock at the prevailing market price in an effort to defeat the tender offer.

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Investor interest in the tender was understandable, given the significant premium over the current stock price, Ford said.

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Rather than let the bank fall into foreign hands, however, the government cancelled the tender and sold it to a local Polish consortium for a knock-down price.

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Last year, Pemex had to abandon its second tender for ethanol to be used as a gasoline additive because the offers made were above the price the oil company was prepared to pay.

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