I honestly don't think that one can deduce anythin

I honestly don't think that one can deduce anything (positive or negative) with sufficient confidence from the company's silence or from what is not said. We've had the same rationale since last year: small raises means non-dilutive financing is imminent, silence during the first tender offer means they don't actually need the money and are close, and so on.

The easiest explanation though is that they don't have any "ground-breaking" news to support the TO. I'll stay corrected and be very happy if it turns out to be otherwise, but at this point I need to have it in black and white...