Ann: Westgold Lodges Bidders Statement for Aragon, page-13

re: Ann: Westgold Lodges Bidders Statement fo... if WGR shares are also undervalued then the takeover is a good idea for AAG holders because the new company will have the CMGP plus rover etc, which we are getting access to at 30c a share. So it really depends on how you value the WGR assets. if they're worth more than 30c approx, there should be no logical objection to the takeover. If someone wanted to takeover its just that now the new shares will become even more undervalued, due to the undervalued nature of BOTH AAG AND WGR.

plus all benefits of synergies and bigger market cap etc.

I think that AAG is undervalued, but its a scrip offer so the upside will still remain.