Bloomberg said the same thing too:The bid ?does significantly...

Bloomberg said the same thing too:

The bid ?does significantly undervalue the stock compared with where we think it should be,? said Andrew Williams, a Melbourne-based oil and gas analyst at RBC Capital Markets, who has a price target of A$1.75 on Bow?s shares. ?It still leaves scope for upside and more play to come.?

http://www.bloomberg.com/news/2011-08-21/bow-energy-receives-proposal-from-arrow-energy-at-a-1-48-share.html