Ann: Scheme Booklet Registered with ASIC, page-3

Independent Expert has assessed the value of a Western Areas Share to be in the range of $4.04 - $5.23, on a 100% controlling interest basis. The Scheme Consideration of $3.87 per Western Areas Share falls below the Independent Expert's assessed valuation range, and hence is not considered to be "fair". However, the Independent Expert has concluded that in its opinion: “the Scheme is not fair but is reasonable to Western Areas Shareholders and therefore is, on balance, in the best interests of Scheme Shareholders in the absence of a superior proposal”.

what do you think? they might up the bid to $4.05?
No chance of the fabled $5 unless we have a competing bid.