It's not just a matter of saying no. They need to prepare the Target response document which is very detailed. And they need to cross every t and dot every i to protect both them and us. They will have an independent valuation which is likely ultra conservative - how do they deal with that? I for one don't want an ultra conservative valuation out there. What if the independent valuation gives minimal weighting to the prospects and values LD at the low estimate? You could even get a sell recommendation from that and the board would then need to justify a reject recommendation with that in the background. The board can't just take a photo of the bidder statement in the toilet and post it on social media (although I would love to see it).
