valuation problem aside. this is a $1.5 bid, page-4

I am sure enough that I am still holding my stock and thinking about buying more.

It is a punt obviously, but I think there is a very good chance that this offer has failed before it has started - it will be used to transfer the warehoused shares to WN in an effort to show that the "australian public agree with WN", directors will transfer as well - which will get them to maybe 70%

We will have to wait and see how it unfolds. Once the directors are gone, I think that will be the end and the takeover will get revised for the remaining shareholders.

It is almost likely that this TO offer was negotiated specifically for the directors to get $1.50/share for the options that havn't expired. That probably equates to them getting 3-4$/share which they are happy with.

Once they are out of the picture, WN is probably happy to increase the cash component to mop us small timers up.

That's my hunch, I will sit and wait to see what happens.

There is little harm in waiting to see what unfolds.