It is unbelievable how this has flown under the radar...or has...

It is unbelievable how this has flown under the radar...or has it?

BAS has basically received a takeover approach albeit in the format of a friendly offer.

Getting an experts report done is a requirement when involved in a takeover so although no formal offer has been received yet, the company obviously took it seriously enough to seek and obtain an experts report in advance.

The experts report gives a low value of $14m to a high value of $32m...
add in the $2m cash and this leaves a 4c to 9c value per share

For an offer to be considered "fair and reasonable" it would no doubt have to be at least 5c-6c

That's a 250%-300% upside from these levels

This is obviously worth a punt...and the sudden buying which occurred suddenly a few days ago indicates that the savvy are watching.