Ann: ST1 announces rejection of non-binding indicative proposal, page-13

AtlasRising - I think that at 16¢ their EV/EBITDA is 29.7x.
(Enterprise value of 46.83M, EBITDA of 1.58M)

Telstra's is 9.43x. TPG's is 9.48x. SingTel (Optus) is 12.38x
29.7x looks overvalued to me compared to its peers.

Cornerstone shareholders, from what I read, have recent acquisition prices in the range of 17-20¢.
P.Diamond holds 14.82% J.Tigel holds 13.74% G.Neate holds 13.73% JPM holds 7.33%
Totals 49.62% across the top 4 shareholders. Average volume over the past year has to be sub 100k.

They're going to be expecting a premium in order to secure a return on their investment and cover CGT costs - particularly if they are bullish enough to be pushing for an off-market acquisition the week after UWL puts in an offer.
I would expect the cornerstones are going to be holding out for at least 35% or 23-27¢.

That would be a 220-270% premium on the average share price in March, which, as AtlasRising noted, was already overvalued compared to market peers. Unrealistic expectations from a very small number of cornerstone investors is going to make this an incredibly non-liquid stock.

TLDR; I'm keeping away.