Ann: Withdrawal of non-binding indicative proposal from Genius, page-35

Did you invest in MFD for a takeover, or for its own business?
IMO the 2 non-binding offers, both at higher prices to what its current trading range is, is suggestive that the market has got its valuation wrong. Whilst the board has been unsettled the past few months, and that has probably affected the share price, the business itself obviously is in a good space, and improving.
I'm happy to have this play out over the next 12 months, and pick up a nice little fully franked dividend along the way.

I've been involved in 3 scheme of arrangement in the past few years, and 2 have gone through, with shareholders missing out on likely future earnings improvements. Unless an offer is made around $2 I'd rather this keep trading under its own banner.