It's a bad offer. Yes, the offer is higher than what the stock was trading at very recently. But within the last couple of years the stock was up in the mid 20's. And the company's financials are still strong. Most buyouts offer substantially higher percent of stock value over the last several years (especially if that company is still strong). So, why did the board accept? Because, every board member has the option to buy a substantial number of shares at $15. The board claims that the merger is in the stockholders' best interest. But, in truth, many stockholders will lose money while the officers receive a windfall of nearly a quarter of a million. What happens if you don't tender (sell)? Well, your shares will not be converted into Mail-Well. You will only have the "right" to sell at $20. This whole business is unethical. Do not sell your stock. Don't accept the offer. If a majority rejects this offer, perhaps Mail-Well will come back with a proper and attractive offer.