A bid would have to be north of $5.00, page-3

What makes people think that the board won't back an offer below $5? The board is under significant pressure to preform and so far have been incompetent in executing their strategy and I don't have much faith that they can. They certainly don't want to be held accountable at the next annual general meeting where they might get pushed or become liable to a class action if they knock back an offer of say $4:20 only for the share price to remain at below $3:50 for the next 12 months.

Neverthless I think below $3:30 Voc is worth accumulating for a potential buy-out but I will be surprised if anyone bids more than 30% of the current share price which puts it around the $4:20-$4:50 mark.