I just did a quick comparison with this offer and the one they...

I just did a quick comparison with this offer and the one they made in 2015 and noticed some glaring points:

1) Majority of takeovers will make comparisons on price offer to profitability yet at no stage is this brought up. Not surprised as Ebitda is circa 20m

Ev to ebitda is roughly 60/20 = 3X... opportunistic?

2) At no stage during this offer did they discuss the premium on last trading price. Last offer they offered an premium of over 20% on last trading price.. Why did they not bring this up?

Because it an premium of 4% to last market trading price. Opportunistic? You decide..

A lot is made on the illiquidity and full cash offer at no stage is there any discussion on why this is an good offer from an business perspective.

Awful offer really compounded by an rubbish reasoning on why the offer is reasonable.. which it is not