I think the almost universal feeling is that this is an...

I think the almost universal feeling is that this is an opportunistic bottom of the cycle offer. The bid price is a premium to the prevailing price established on pathetically small volumes, albeit over an extended period - hardly a gauge of the underlying value of the assets. I think BCP know this only too well. My mind goes back to the article in the Bankok Post where it was reported that their board had approved a 5B baht (168m AUD) 5 year budget for M&A.
http://www.bangkokpost.com/business/news/413592/bangchak-sets-b5bn-budget-for-m-as
I didn't expect such a big portion of this budget to be immediately applied to the "corporate transaction" and initially dismissed the possibility of a take over. I wonder now if the whole of that budget was intended for this deal if necessary. A bid price of 7.7c would probably get a bit more interest than 5.5c...