I agree - It stinks... low ball offer the first time and now...

I agree - It stinks... low ball offer the first time and now again. Equity per share stands at around 88c so only a slight premium to those already written down equity figures.

The reality though is if I was looking at buying the company now, using only the information to hand (published) then the company has made losses in 5 out of the past six years.

Return on equity has never been higher than 13%.
Shareholders equity is steadily decreasing as have those returns on equity.
Debt is high.

I'm surprised Gordon Merchant is voting in favour. He stands to liquidate his position unless there's a sweetener somehow.
Now the exclusivity agreement has been signed there's little prospect of another bidder.
In the last round, a few parties took a look then declined to buy - that was when they had more brand equity too.

Pity the poor people who bought in at $47.

I wonder what the value of their franking account is?