To comment on your question how the Bellamys takeover price was calculated just google "Bellamys Australia Limited Scheme Booklet" which is a letter from the directors of Bellamys to shareholders recommending acceptance of the takeover price.
The Independent expert " Grant Samuel" has provided an independent valuation commencing at page 72 and has used a discounted cash flow model to calculate enterprise value and then value per share. I.e. has used future free cash flows discounted for risk / return to estimate share price.
As a note of interest their share valuation is expressed as a multiple of EBITA at page 12 and is 29.6 times 2019 EBITA. Which is generous. Most takeovers are not that high. See page 12 for comparisons.
As a note of interest Mengniu's offer of $13.25 was a substantial premium to the share price but the fundamental valuation was on discounted cash flows.
The Scheme booklet is a tough read but very informative.
I have sold some a2 shares over the last week but still hold some.
A2M Price at posting:
$7.81 Sentiment: Hold Disclosure: Held
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