Again, you need to realise that it makes no sense for STX to buy something for "full market value". It only makes sense for STX to buy something if there is enough upside left in it to warrant the purchase. The offer is the best STX are willing to pay.
By the way, don't put much weight on Euroz valuations. Have you ever seen a broker valuation that has proved to be correct? As with any valuation, there are plenty of assumptions. I think STX and TPD are best placed to value their own company's, and they have agreed that this ratio should be accepted by shareholders.
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