It would be very easy to launch a scrip and cash bid that trumps CAMLs'one.
I mean as
@BaltasarG notes, 0.24X NAV means any prospective bidder with a halfway decent P/E ratio could be highly attractive, even with a small say 20% cash component. The greedy (o.k. profit maximizing), Fundies would do what they do.
Now I'm saying that in light of the Dundee (DPM) bid on ADT (Adriatic) on Fri and their intention to bid was leaked and everything. I mean CAML are no great shakes as managers, that's why theirs is all (lowball) cash.
All IMVHO.
(20min delay)