Do you think it's cheap? My maths and data are perhaps out of...

Do you think it's cheap? My maths and data are perhaps out of date but I thought the pe ratio of IIN at current prices was about 16-17, so adding on a 25% premium to that would make the pe ratio nearer 20-22. I think that's a pretty full price. TLS would not be a rival, Optus perhaps, or maybe M2? But really, I think this deal is done and dusted at the current offer.