It is worth noting that J&R Optimum already own 18% of AJM.
This is an important consideration in the context of any potential acquisition transaction. Why? Because J&R don't need to pay themselves!
i.e. let's say that J&R were to offer 80c/share to buy out AJM. It is only really costing them ~65c/share (82%*80c) in aggregate given they only need to acquire the remaining 82% of shares on issue. Or if they were to offer $1, it only costs them 82c / share.
Thus, they can pitch a high number (that looks good to shareholders on the whole) while they only have to stump-up 82% of the cash. Win/win.
