Higher Opex Broken Process Stock-Based Comp Extended Offer Not Fair Unattractive Price Sustaining Capex Small Trading Volume Technical Limits Unaffected Price Higher Debt Governance Risks Inferior Assets Geographically Dispersed More Levered Company Selling Would Pressure Share Price May Not Act in Interests of Minority Among Highest SOR Smaller Modular Assets Seeking Liquidity for LPs Failed to Grow Significant Risk Downward Pressure on Trading Price Incentives Not Necessarily Aligned Offer Being Discounted Not Reflective of 'True Value' Thinly-Traded Significant Downside Risk Strong Aversion Unattractive Share Consideration Failed to Resolve Reject Fact Fiction SOR Rail Directors Negative Paper SCR CVE Alignment Liquidity Overhang Overvalued Sequel Ownership Sell Tax Process Amended Reinvestment Small Riskier