Actually typically IE reports are commissioned by targets with a hostile offer in play, and quite often where there are large gaps in view on value they do say unfair and unreasonable
Of course SDL has provided the IE with their information - they have the best resource data and available cost data on their own project. But the IE will also benchmark SDL to valuation metrics on other assets/transactions, it won't just be internal info. You are a long way off the mark with your statements there.
Bu really, in a world where the market price is still substantially less than the offer, the IE report is redundant.
SDL Price at posting:
36.0¢ Sentiment: None Disclosure: Not Held
