I would be surprised if the board of EXS hasn't run the numbers...

I would be surprised if the board of EXS hasn't run the numbers on whether this sale can be blocked. IVA don't have the numbers without support from major holders.

Soul's IMO will take the money.

Sin Tang will take the money. Unless they can come up with a trumping bid and the development cash in a very short space of time. They will take their initial investment back an stick around for whatever EXS scratch out of the ground next.

So that leaves board members, management and other large retail holders who almost certainly will take the money in absence of a higher offer. I haven't had a good look but should get to 50% pretty comfortably.

I believe the ball is back in IVA's court but it has been in their court now for weeks (due to their board representation) they would have been well aware of negotiations.

If they don't like the deal they can put up the cash/scrip for the whole box and dice or they can sit there meekly and accept the cheque.