I think it's a very savvy bid from Laguna, who has been a major...

I think it's a very savvy bid from Laguna, who has been a major shareholder and had their eyes on the assets. Obviously they have been in discussion for some time, because they reckon they have stitched up the founder/CEO to be on board (that was my reading of it). Also, timing was pure class - wating for some dude to eat 41 oysters at lunch, get such bad food poisining he temporarily blinds himself, and then PIRSA is forced to shut the entire industry. They lost around $400k of revenue according to my estimates, and around $4.5m of market cap.

My number crunching spat out around 17c being fair value, but essentially they are paying a slight premium to the book value. Long term shareholders may be miffed because this could be a decent compounder for next few years. I bought on the current recent dip, so getting a +50% premium in <1 month is a very lucky/decent return for me. So happy holder. Won't be selling out, because there is a small but material chance a counter offer comes in. GLTAH.