ASF,Even if the Offer doesn't make it into the independent...

ASF,
Even if the Offer doesn't make it into the independent expert's 'fair value' range, that doesn't mean it wouldn't be judged as 'reasonable' and get up!

As I've noted before, WES' Offer for Coles was judged 'not fair but reasonable,' as was HSK's Offer for NQM.

In any case, 'not fair but reasonable' means: "It doesn't pass our fair value threshold, but the Company would be worth more in the hands of the new Board than in the hands of the current clowns."

That certainly applied to the Coles Group, and I think it applies to the NQM Board, judging by

1) Their complete rout in the Takeovers Panel;
2) The mystery non-Offer from a 3rd party that begged a Listing Rule 3.1 carve-out, rather than an Announcement.

Any bets that a 3rd-party Offer eventuates? (Maybe Betfair will make a market in that bet, so my doubts can turn a buck!)