I just found this: Magnolia Capital has made a takeover bid for...

I just found this:

Magnolia Capital has made a takeover bid for an ASX-listed real estate agent, which the latter claims the bid price is too low.Magnolia Equities III has put forth an off-market, cash takeover bid for The Agency Group (AU1).Magnolia is offering four cents per AU1 share in return for 100% of fully paid ordinary shares.The share price of AU1 closed at five cents on December 4.The Agency Group has a team of real estate agents nationwide; it also provides property management and financial services.For FY2019, AU1 made $31.3 million in revenue (up from 86% from the prior year) but made a $7.8 million loss.In August of last year, AU1 completed a private placement of $1.1 million with Magnolia and Honan Insurance Group.The bidder has highlighted its "significant concerns" about a report (the Peters proposal) that deemed the offer price undervalued AU1. Another independent report by Nexia Peth Corporate Finance described said report as "not fair."The bid provides a "real alternative proposal" in the absence of another proposal, Magnolia said."Magnolia looks forward to the revised report of the independent expert in light of the announcement of the bid."AU1 shareholders do not need to take any action in relation to the bid at the present time, Magnolia said, but noted that the bid potentially provides AU1 shareholders with a cash exit strategy.Sydney-based Magnolia has a vertically integrated structure of credit, investment, accounting, property and asset management.It recently launched Magnolia Capital Opportunities Fund II to wholesale investors, raising about $20 million.