I did that on the spreadsheet for you mate. Click to enlarge the image
Interesting to see our current peers and past buyouts, IMO the BOD is going for GW Pharma B/O Value.
Just saying, I agree with the principle that you propose "All that matters is the valuation of the company, divided by the number of shares on offer." The Market Caps divided by the number of IHL shares (currently) converted back to AUD