your cost base vs opinion on the offer

Hey posters, I'm interested to hear what your thoughts are on the offer as well as your cost base.

My CB is 28c and I think the offer is sub-par. Just under 100% profit may sound great but I brought these guys as an under-valued gem - at 55c they're still an undervalued gem which the buyer is getting for a song at that price. IMHO management have rolled over too easy on this one. I wonder if they are selling their holdings???