Unfortunately, the terms of the proposed take-over is again...

Unfortunately, the terms of the proposed take-over is again showing, how incapable RAP's BoD is. An equity value of only $100m for a fully developed and partly licensed Covid testing technology is much more than a bargain for Pfizer. Only Austria - a country of less than 9m people - has spent $3.9b on Covid tests the last 2 years, the global potential for rapid Covid tests is massive. If RAP's technology works (I assume it is), the potential to replace PCR/RAT testing is obvious, a take-over offer of >A$1b would be more than justified, given current valuations.

In light of the above, I fail to understand why the BoD has not engaged a professional M&A adviser to run a bidding process, which would have definitely led to a much higher start for negotiations than c11.5 only. If shareholders are unhappy, I would recommend a 249D requisition of the board in the next AGM.