Why do you say a lower price? Otto Marine in the 2015 annual...

Why do you say a lower price?
Otto Marine in the 2015 annual report had 207 m shareholders equity on 1308 m total assets, reported a loss in both 2014 and 2015 and is controlled by a majority shareholder.
Still this offer is 33% of shareholders equity. A similar multiple for MRM would be around $1 per share neglecting the fact that MRM is much stronger in the aforementioned areas.
I take full blame for this announcement - always happens after I buy. Still I am pleased to be punting on the survival of the business.