esg independent report on bow

Currently reading (bed time story!) the ESG independent Report - there are few places the report touching BOW T/O transaction details - the following one at Page 210 caught my eye:

"The reserve multiples implied by the conditonal proposal are relativiely low. Although this approach may not result in a definitive transaction IT HAS BEEN INCLUDED AS AN INDICATION OF VALUE IN THE UNCERTAIN MARKET CONDITIONS OF AUGUST 2011"

Also worth reading page 122, 123,124.

I wonder how BOW independent Reporters going to justify $1.52 – I hope they will find something else other than current market condition!

Cheers

SAT