Ann: Non-binding indicative proposal received, page-14

"Its a low ball offer opportunistic in this environment.
Little bit of exchange rate calc to, but it should be more like $8 au."

The bid price equates to valuation multiples of ~25x P/E, 15x EV/EBITDA and <4% Free Cash Flow yield.

Not sure what is so low-ball about that.
Looks to me like a pretty fair and reasonable offer.

At your indicative level of "$8 au", the valuation multiples become 33x P/E, 20X EV/EBITDA and 2.8% FCF yield.

Which, frankly, are nonsense levels, even for a business like this which is well-managed and enjoys somewhat of a privileged market position.