Ann: Nearmap receives indicative proposal, provides FY22 update, page-138

I would certainly vote NO to the deal. As a very high-margin SaaS business, NEA would be extremely valuable once it starts making a profit, which could be as early as next year. NEA's business is a good candidate for ALU style of performance. In the case of ALU, the board has done right by the shareholders and delivered fantastic returns. There is no reason to sell the business at this low cycle point in the share market. It has ample cash reserves to fund the business to profitability. The North American business is growing very strongly. I don't understand the need to sell.
We can prevent his takeover by voting NO. My understanding is that a scheme-of-arrangements deal needs to be approved by 75% of shareholders who vote. If enough shareholders participate and vote NO, then the deal is killed. Perhaps the board should be thrown out as well. Decent chance of ALU style returns should be a good reason for the shareholders to act.