an important issue with the expert's report, page-3

I agree with the I.E report. It's base assumptions are derived from the position the company would be in without a takeover offer.

Before the offer elm was trading around 27c, there fore if they were to raise capital around that time, that would be around the price they would do it. It is also possible/likely that if the suitor walks away the price will fall back to a level it was trading at pre-offer.

A lot of the price rise has nothing to do at all with what the market values the company at. That price was established before the offer ie 27c. The price rise is based on what people think they will get for their money if the takeover goes through ie 66c and then subtracting a risk factor.