There was a time when under $2 was cheap for Japara, and in 12+...

There was a time when under $2 was cheap for Japara, and in 12+ months it could be again, but right now it would seem a stretch. If you compare to Regis and Estia, a valuation of $1.35 - $1.80 looks more like fair value for JHC. Broadly speaking these three businesses aren't really that different, JHC just represents the best value right now imo, hence the opportunistic offers. I still think there will be a sector upgrade at some point with the additional government funding announced in May, so I would like to see the Board hold out for a higher price.