bbloff asks "has there *ever* been a precedent where a takeover bid has been launched, followed be virtually immediate administration where assets go for significantly less than the bid?" I can certainly answer that: the internet service provider Eisa was under a takeover bid from Austar for 20cps in 2000 but the bid failed to reach the 90% minimum acceptance level (reached 87%) and so was withdrawn. The company went into administration immediately and Austar bought most of the assets anyway. Shareholders got zero. I am not saying that will happen in this case but it cannot be considered an impossibility.
OZL may be worth 82cps as a whole and as a going concern but in administration my feeling is that it will worth substantially less. The market seems to think so. Having said that I expect the take over will most likely go through.
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