IMO, purely short termism on your part. We will go to Phase 3. If we go it alone and are successful then I would rather be holding lock, stock and barrel with merely 20% dilution (say) from current level, than whatever portion we would be left with post a deal of any sort. Highly risky but more potential reward down the track.
As for Dr T's negotiating abilities, one can only achieve the possible and lack of a suitable TO/deal does not necessarily reflect poorly on management. It may be simply a matter of significantly differing value perceptions from both sides of the fence.
Obviously management want a deal, most shareholders want a deal, but if a suitable one is not forthcoming, then the show will still go on. This is not a binary situation. What will be, will be. We will know soon enough.
IMO, purely short termism on your part. We will go to Phase 3....
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