Maybe. Meanwhile, $1.5B would have netted them $30M in a money market by now if they had accepted such an offer 6 months ago. And that’s not taking into account the finance charges on the debt that they continue to pay (or accumulate).
I doubt the Pohlads are ‘dumb’ business-acumen wise. And they have all the info that we don’t. But, it could be that they are simply no longer (or never were) really motivated to sell at ‘market’. It’s the scenario that we fear most, probably.