Fair as in reprents fair value? Or fair as in fair to the...

Fair as in reprents fair value? Or fair as in fair to the current shareholders of the business by providing a sufficient premium over the fair value of the business?"

@Klutch,

Valid question.

While we will all have differing views on what constitutes appropriate valuation parameters, based on the acquisition multiples that I cited in my earlier post, viz. ~25x P/E, 15x EV/EBITDA and <4% Free Cash Flow yield, I certainly would not purchase TME shares at those sorts of multiples.

Also, this stock has - to the best of my knowledge - not traded at those sorts of multiples for any sustained period of time

So, that tells me that the takeover offer price does reflect a meaningful implied premium for a change of control.
Is it a full premium? Probably not.
But is the premium being offered sufficient? I think so. Like so many of these things, there are plenty of grey areas.

Especially in the context of contemporary equity valuations, which - as you allude in your post - have been pared back in recent months.