agm notes, page-8

You guys seem very sure that a t/o offer will eventuate. Nexus walked away from the deal even though there was potential cost savings for a merged entity of around $100M p/yr. This sort of saving will not be available to other companies in the list of 8, so any possible t/o offer will reflect this. I agree that Anzon is undervalued, but remember that so are many other companies. There needs to be a compelling reason why a company would buy Anzon over others. At the moment, that simply doesn't exist.