The last reported Net Debt was $21.0m, so this offer of 36.5c...

The last reported Net Debt was $21.0m, so this offer of 36.5c per share puts the Enterprise Value close to $100m. EBITDA for 1H19 was reported as $7.94m. If the full year EBITDA comes in at double this, the offer only represents an EV/EBITDA ratio of 6.3. Pretty ordinary. Most buyouts of listed companies via a scheme of arrangement are at an EV/EBITDA of 8 to 10 (or more). It will be interesting to see what the Independent Experts Report (usually required by the Federal Court), has to say. Makes me wonder what motivated the Board to recommend acceptance of such a low ball offer.
My humble opinion only, of course. DYOR