Seems like more than a few companies have been taken over with...

Seems like more than a few companies have been taken over with offers that don't reflect their long term value:
+ wait for the right time - a dip in the market and/or PAN sp, perhaps engineered buy your investment bank
+ get an 'independent' consultant to give you the right report and valuation - never engage a consultant unless they report what you want them to
+ arrange nice bonuses for key players on completion of the deal (is in the interests of all shareholders of course)
PAN shareholders are already slotted - opportunity for IGO to creep before the final act.