offer analysis, page-3

Good post, but your analysis of the tax is likely to be incorrect.

If the bidder purchased the CHN shares, then basically they would be inheriting a tax liability down the track, and therefore would have discounted the purchase price accordingly. Buying the assets directly gives them a new cost base and therefore no inherent tax liability. Therefore, an asset purchase was probably the only option on the table. I have no idea about Eritrean tax though, so the principles may be different.

I am not doubting that this is value at current levels though given the cash backing. I am just trying to understand if I am missing something before jumping back in (I used to be a shareholder back when this stock was in the 60s and am still a fan).