4:1 offer, page-8

Not too sure about that dimma

With an offer of roughly 10 cents (dls last time i checked were 2.4c), gives a sp of 9.6c.
This is where the sp has been hovering since the announcement came out. This also reflects that if the offmarket offer is made, the dls shares will be rather illiquid. Not only that, but the dls shares should decrease in sp due to a dilution of their shares (but i also believe there would be a counteractive increase in dls shares because they are buying a good company below market value).

So, the share price takes into account the off market bid at the price of the bid. Not only that, but as this share is not very liquid, i think that the sp will struggle to keep this low. IMO, buyers will line up to ensure that the bid is rejected. By buying up to 15c a share, this will thwart the off market bid (as sellers will sell to the market rather than to dls). Per discussions i have had with some other shareholders, they appeared hesitant to accept any bid from dls on the current offer.

In the end, once the deadline comes and goes, the true sp should be shown on this one.