I've received offers of this kind for other companies that I hold. They're usually quite formally worded and would look pretty convincing to the uninitiated.
They usually emphasise the no commission offer which would appeal to some smaller holders - but the offer price is always way below market. Even though they do have to quote the current market price it's usually in another part of the document - well away from their low-ball offer.
The payment terms are usually unattractive too - often some time after the transfer is effected so the seller is left as an unsecured creditor in the event that the dosh doesn't arrive.
I always send the offer forms back with a suitably worded inscription such as "crap" or ****ers" - and always in in an unstamped envelope - my little protest at their thieving ways.