This from 20th Nov 20 announcement - seems a bit...

This from 20th Nov 20 announcement - seems a bit off.........
Receipt of non-binding indicative proposal from Blake eLearning Pty Ltd3P Learning Limited (“3PL”) announces that it has received the attached correspondence from itslargest shareholder, Viburnum Funds Pty Ltd ("Viburnum"), in relation to a unsolicited proposalfrom Blake eLearning Pty Ltd ("Blake") in relation to a potential merger between Blake and 3PL("Indicative Merger Proposal").

The combined business would be expected to generate over $110 million1 in pro forma revenue and ~$382 million of pro forma EBIT

for FY21. If 3PL’s capitalisation policy is applied to the combined company this would result in ~$562 million of pro

forma EBITDA.

Our analysis of peer group multiples indicates a combination with Blake has the potential to immediately re-rate 3PL’s share price to an estimated indicative range of $2.36 – 3.22, being 1.8 – 2.4x IXL’s offer3.

1 Based on Morgan Stanley’s FY21 revenue estimate for 3PL of $72.5 million (see 16 August 2020 report) and Blake’s FY21 budget revenue of $41.0 million.

2 Based on Morgan Stanley’s FY21 EBITDA and EBIT for 3PL of $27.1 million and $16.7 million (see 16 August 2020 report), mid-point of Blake’s estimated FY21

EBIT range of $10-12 million and Viburnum’s estimated synergies of $10 million. Blake EBITDA of $19.3 million has been adjusted to reflect a similar R&D