The problem is that while $3.50 represents a 25% premium to current price, it's a vulture-like move. I don't see how the board can accept an offer of $3.50 when the VOC share price has only traded under this level for basically 2 months. What a farcical offer but they know what they're doing with a low-ball like this, opening up for negotiation.
Ann: Preliminary, indicative and non-binding proposal received, page-26
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