Ann: Spotless lodges Target's Statement - REJECT Downer Offer, page-7

After reflecting further I think they did the wrong thing by not including a valuation assessment in their Target's Statement. This opens the question as to whether an independent valuer would have been able to come up with a robust value north of $1.15. My strong feeling is that they wouldn't, without big synergies, and therefore the SPO Board chose not to go down this route. They also didn't include their own valuation, which is unforgivable really. I'm appalled at the low quality of the response.

Not good enough in the circumstances of what they are asking shareholders to turn down. If this was a skinny premium then sure, but they are asking holders to walk away from a very attractive offer (in the circumstances).