"Ultimately the offer is circa 6x EBITDA/EV which is...

"Ultimately the offer is circa 6x EBITDA/EV which is ridiculously low valuation for a tech company"

Short of paying off an independent valuer, I can't see how he/she would come up with such a low valuation. They will hold limited regard for current SP, unlike management who are using it for their entire justification, especially when it was not shopped around through a proper open data room setup.

VWAP around $1.04 for $1.10 deal in 4-5 months tells me the market is potentially expecting more. It is hard for market to make any further assumptions as tech buyouts are not that common is Australia and NTC tech ability is rare as a stand alone business. Very hard to know who could come out of woodwork, if anyone at all.