Ann: Noni B Recommends Takeover Offer by Alceon Group, page-8

I can understand the statement " but suspect this move relates to lack of motivation rather than compelling valuation" ..... Sooner or later (small (er)) business owners can just feel 'burnt out' and have had enough and the wall in front seems insurmountable.
Would not be surprised if that applied to NBL --- economic/ retail downturn, possibly needing more capital / capital injection and would not at at all be surprised if they got a hard time at the banks.
Maybe a bit of 'old' economic philosophy in board as well as if I recall from annual reports they were never into gearing / borrowing big, not that I am critical of that, as 'gearing' has caused many things to come unstuck and crash down.
If your are at the mercy of financiers - little mercy is shown.