takeover valuation figures

There are some articles in the SMH and Age this morning discussing the takeover price for RHD.

Thought I might goes through the figures a bit more deeply than the article and see what pops out.

Based on the Peoplebank takeover last year we'll use a multiple of 5.25 to 5.75 and 15% premium for control.
83.5 million shares on issue
EBITDA of 12 million - we don't know 2010 figure yet but I guess 12 - 13 million.
Net interest bearing debt of 4 million as at half year

working through the figures gives a value in the 81 - 90 cent range.
Hard to see how the independent expert will be able to call this fair or reasonable. Or is there something I'm missing here - the board are all supporting it - is there something else they should be declaring????