BBIG website, page-37

I am having a whale of time finding the information on the 36% but seeking an independent report or Experts' Reports and Valuations is under Part 6A.4 of the Corporations Act and seeking this type of report is a valid response by the company directors as part of their fiduciary duties in the event of a takeover offer and given the TIO presence on the Board it would be well advised or shareholders would have a right to complain to the Takeovers Panel (or ASIC) due to that very TIO presence on the FMS Board.

Anyway that aside my view on the valuation is actually not far off the old MMK offer of $554m if you take into account the cost of money over time since late 2011, so a good starting point to negotiate from if it comes to this.