does anyone else have a massive problem with this...

does anyone else have a massive problem with this transaction?

$10mm for the entire BAA business. 2.8x LTM EV/EBITDA with the business putting up 25% margins and growing rapidly. wtf is going on? why wasnt an independent valuation done? why arent shareholders getting to vote on the deal?

the buyer looks like a NZ private equity firm. are the Simonds family investors in that entity? why is more information not being disclosed?

moreover why is this business being sold now? SIO has a very clean balance sheet and is not in need of cash. what is the rationale to dispose of it for a pittance, at this moment?

either the Simonds family is fleecing shareholders; or they are going to sell/merge the homebuilding biz and they are cleaning it up for a sale.

any thoughts?