Ann: Non-Binding Acquisition Proposal and Business Update, page-67

IBC will need to come out and accept that the offer may not be fair but it is reasonable in the absence of a superior offer.

The market is reflecting this based on the current markets valuation and SP 25% offer
Since the offer allows shareholders the option of shares in newco, they are given the option of retaining a position in the company.

Hard to see this trading 1.40+ in the next 18 months on rejection of offer.

reminder that in a solid business you should be able to return 8% a year … so your 140 cash would be worth 160 in 18month time. Consider opportunity loss