why below offer?, page-3

Management's response was appropriately cautious.

They certainly havent ruled out interest as discussions with St Barbara representatives commence over the coming weeks. However management have clearly stated that the offer is opportunistic, in that 'St Barbara has taken the opportunity to make this unsolicited proposal public at a time when the Catalpa share price has underperformed its peers. The Catalpa Board believes that this relative underperformance is a reflection of short term operational challenges which have now been largely resolved. The Board believes that in the coming months the successful resolution of these operational issues would have been reflected in an improved share price performance relative to Catalpas peers.'

It is also interesting to note that Catalpa has considered consolidation opportunities with other companies! I hope the broker reports are a more accurate reflection of the proposed takeover price (i.e. circa $2.40 mark).

Good news nonetheless given the recent share price decimation!