ridiculous rhd offer

We have a takeover offer of 61.5 cents on this stock and the board are recommending it.

My last calc came up with an 81 to 90 cents valuation for the company.

With the final results now out it's time to do the calc again.
EBITDTA of 13 million, net cash of 7 million.
Using a 5.25 to 5.75 EV/EBITDTA multiple we now get a valuation of 104 to 113 cents per share.
This is getting ridiculous - the board are backing an offer which works out to be a 2.9 times EV/EBITDA multiple.

It's going to be very hard for the independent expert to fudge the figures enough to conclude that this offer is either fair or reasonable.