no independent valuation in target statement, page-11

Of course it's too low. That's why they will up it to around $1.20. Even that's too low, but at $1.20 they will probably get it. Sad but true. Market is paying a small premium on $1.00. That tells you the market thinks a fair price is a "bit more". If $1.50 was a possibility, the market would be prepared to pay $1.25. It's not.