RC recommendations, page-8

Why would you wait??  You're only trapped if you have an unmarketable parcel.  The pain of what you've already lost isn't going to be soothed by losing more.  

I find this a valuable exercise to strip the "lost money" emotion out of the decision.

1. Calculate the sale value of my holding, taking into account how many lines I would have to wipe to liquidate my position.
2. Ask myself where I would put that amount of money if I had it available to invest right now.
3. If the answer isn't YBR then I leave.

If you look at Yellow Brick Road as a potential investor, what does it have to offer?

1. Steady decline in price... nothing that says "oversold".
2. Management that have failed to deliver every major milestone they've promised in the last three years.
3. No change in management so downward trajectory is likely to continue.
4. Significant shareholders have left the building.
5. Fallout from the Haynes Royal Commission, which is bad news for a company that's not making money to start with.
6. Challenges to business model following Haynes Royal Commission, more bad news on top of the previous point.

There is nothing here that would convince me that this is a "hidden gem" or an "undervalued opportunity".  I reckon Mercantile feel that they dodged a bullet when the board wouldn't recommend the takeover.  Mercantile were pretty quick to declare their offer "best and final" and effectively escape from the deal.