Ann: OZL: IAF and Supplementary Bidder's Statement, page-52

" ...they simply haven't done their homework"

Exactly! My guess is they probably thought the sustained suppression of the sp over the past 3 years would have caused a lot of churning and changing hands and those who acquired AVB shares more recently having a lower average would be over the moon (like our resident poet) by the fake "112% premium". They probably thought it'll just be a walk in the park. How can anything go wrong? Suppress the sp for 3 years, let the shares churn and change hands, then offer a low ball "112% premium" and everyone will be jumping for joy and ACCEPT the deal with both hands and feet immediately!!! But we're value investors and not traders. If we were traders we would have left AVB and gone to other stocks. We didn't stay for this stupid "112% premium". We stayed because AVB management told us they were going to fund stage 2 with profit from stage 1. But they did something else! Instead of focusing on funding stage 2 with stage 1 they spent our profits acquiring new projects for the new owner waiting in the wings.