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< I just read the Allied news release in which the directors of Allied state that they are trying to negotiate a merger with Nationwide at $48.25 per share. They recommend not tendering stock on the $47.00 Nationswide tender until they have completed their talks. >

My understanding was that the Allied board urged its shareholders not to tender while they tried to negotiate a better deal. Upon this announcement Nationwide immediately said they would offer $48.25. My assumption is that the Allied board wants even more than that or they would have taken the already offered $48.25. I wonder which one of us has the right "read" on this.
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