the nuts and bolts of it all are with these reports  every...

 the nuts and bolts of it all are with these reports  every company will do a different valuation , each  report they believe to be best estimate, based on the data they used , they can all assume different commodity swings and  trends etc  and they are all reasonablely   correct based on there data they ,  5 companies will come up with different valuations  . one may be 1.20- 1.50  one maybe 1 to 1.30  etc   it does not mean one is good bad or corrupt.

i  personally strongly believe a company can pretty much ask  the firm   what price they want  the valuations to be to suit their goal.

( remember the broker reports for cudeco !! that's a different story but not to unrelated)

the current offer , there is zero control premium based on the price before the take over. 

the company doing the takeover will want to get it as cheap as possible of course. some times they muck around and do a few increases , but if they  are serious at least start with a decent price that will buy 1 share in the offer.

but the key points are as almost allways

if the board REJECT the takeover offer, the   " independent " report will be higher then the take over offer price ,

 if the board SUPPORT the takeover offer it will call it fair and reasonable, most often when they have poorly managed the company and will get new jobs anyway! and or given half the company away with funding for projects and don't hold the majority . 

 

as a a  recently long suffering shareholders a  long time copper explorer avanco ,that never got far always had poor boards etc, never delivering, 

it  taken over by oz minerals for about 17c cents . it was fair and reasonable, despite what the unhappy shareholders said.

 a better example is how Bounty is going watch how that one plays out with the company half sold as it is they will support the take over, they cant afford not to and play a poor hand for shareholders. it may  have been a good thing for them to merge with Stanmore but too late now