Im not 100% confident on the below but when a company submits a takeover they have to pay the share holders a premium for having 100% control of a company.
basically they were saying fair value was $1.25-$1.48 (which IMO is ridiculously low) and then a 30% premium was added to get the valuation to $1.62-$1.92 a share
happy to be corrected in anyone has a better understanding