Another way to look at this is the fact that there is likely only one offer on the table !! Everything revolves on this one offer. If another company put in a higher bid then it would be a compltely different ball game. I think that if Tesoro assays come back big then a low ball bid will likely be outbid by another company. China Russia or India likely won't sit back and watch Tesoro get swallowed up for 20 bucks.