I tend to agree that $1.50 would be fair value for a...

I tend to agree that $1.50 would be fair value for a takeover.

GDO's current P/E is under 4.7

Now when a takeover offer is placed on the table the offer must always be generous enough with forward sales in mind as well over future years otherwise it isn't attractive enough for the directors to take up.

Let's also keep in mind that GDO is not desperate in any way and they are not a struggling company, quite the opposite.

To offer GDO share holders anything under a P/E of 12 would be an insult IMO as a P/E of at least 12 would be what it should be trading at in any case.

That is at least 2.55 times the current share price which is at least $1.05

I would expect more than that though.