IBC will need to come out and accept that the offer may not be...

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