A bidder (target) may want to include a broker valuation to indicate that the offer price is at a premium (discount) to the share price or share value. However, there is a risk of a broker valuation misleading or confusing offeree shareholders, giving rise to unacceptable circumstances, if enough information to enable them to assess the weight they should give the valuation is not included.
The Panel encourages target directors to make a recommendation.31 They do not necessarily need to value the target’s shares to do so.
32
Our Directors overwhelmingly recommended that we ACCEPT
Not sure if we can force an independent valuation on OZL
