Roger Montgomery report on Vocus, page-70

Just my opinion, these are the possible outcomes and chances.
40% - Board negotiates a better deal ($3.65-4.30)
40% - Board accepts this deal
20% - This deal falls through, no other deals appear. Price hovers around the $3 in the short term but given 1-3 years share price will exceed any high end bid that will appear right now

I see a lot of people saying Vocus is worth more than $3.50, or $4, or $4.50. I agree with them but it will take time to prove a value of $4+ and I can't see a bid coming in at that level. If willing to hold for a long time the best outcome would be the board rejecting the offer and being allowed to fix their situation. Any takeover will rip those synergies apart which has less value.