Thank you for your (as usual) considered and (mostly) wise analysis.
I will stick my head out and suggest many peasant retail holders would broadly agree, although I'll leave the valuation (of A$3.50/share) to you as accounting is not among my (limited) skillsets.
While there've been examples of cash offers (previously listed BIN was one for me) where according to a media report, the business turned fairly sour for Macquarie after its takeover, AND isn't in the same category.
The Yanks must be delighted at being able to convince AND's "Independent" Directors that this is a "fair" offer.
AND Price at posting:
$2.43 Sentiment: Hold Disclosure: Held