Ann: Proposed merger between iProperty Group and REA Group, page-25

Ever since this listed, REA was going to be acquirer so premium was built in from day one, but that's not the point here, it's like looking at Facebook or other company that have high market caps and no earnings at a certain point in time. IPP was has shown clearly that over the last year it's made giant strides and were on the cusp of something major, growth. One has to pay a hefty premium for growth and the fact that the market ipp was many times larger than REA. That on its own has dictated the share price movements of IPP and the current bid does not compensate and reflect the enormous potential of the company. I think a couple of brokers price targets were higher than the bid, that's laughable that REA can lob such a paltry bid with really not much premium.