It seems hard to read one way or the other with the value...

It seems hard to read one way or the other with the value overlap it is up to personal opinion.  There did not seem to be anything new there quoted in their research sources so why was this report not done immediately in response to the RMS offer?  Instead they did some comparison based on reserves and got their hands smacked for it.  From my limited experience of takeover offers involving companies I have invested in these sort of reports are compiled at a week's notice just plugging in existing numbers.

This is not the same as waiting on the Mace results needing time to be processed and analysed.

In this case I think if the report had been commissioned before the ALK offer was announced, it would have not have been so compelling that the RMS offer was undervalued and unreasonable.  Maybe EXU were already in communication with ALK and wanted that offer included in the valuation.