I think there is always a variation between the share market...

I think there is always a variation between the share market price and the business worth target price as players play their games.

For me the quick business worth target price is simply a multiple of 20 X estimated earnings per share (EPS) for year ending 30 June 2026 which is about .66 cents when I last looked at Commsec.

So I think business worth target price is 20 x .66 = $ 13.20. Thats why most analysts have price targets in this ballpark. ( Refer FN Arena web site and drill down to TWE price targets).

So the directors could probably not recommend a takeover price to shareholders under say $13.00.

In fact, if some one could take the time to do a 5 year discounted cash flow model the business worth price may be a lot higher.

Of course if there was a takeover offer the Directors would have to engage an independent share valuer to advise shareholders.

This is only my opinion and is not a recommendation, tread your own paths with care.

GLTASH