The Institution’s/Cash has spoken, page-13

If market price stays at 11.5, the independent expert is likely to include 11.5 in the valuation range (ie somewhere between the lower and upper range).
If shareholders feel it is worth more, then why aren't they buying up? Are they afraid that if the T/O doesn't go through, that the price will fall?
As an outsider looking in, it feels like a low-risk play but concerned that not enough shareholders are putting their money where their mouth is.