I recently acquired Pacific Biosciences shares, which Illumina has offered to purchase 1.2 billion dollars of, at 8$ per share. After this announcement, the share rose at 7.56$ per share. Is the price difference between the offer and the market price due to the uncertainty of such an event?
Is the company entitled to buy shares at the price they offered? If so, what would prevent them from discreetly acquiring them at a lower price from an external investment vehicle?
Instinctively (but not rationally), I would tend to jump at the chance to sell my shares. What is the reasoning process to consider in such cases?