As I said in my last post I think the independent expert (Leadenhall) will place a value of $1 to $1.5 on the stock.
The CEO said in the AFR that the bid is not hostile. This is a tightly held stock with founders holding 38% and Chevallier, the bidder, 22%.
Since Mr Menzel died his son has stepped down from the board and I think their 38% must be in play or the bid would be unlikely to even reach 50%.
An institution also holds about 17% and they may want to get out too.
Alternative bids could come from an Australian company like Iplex or another pipe company.
They do have a licencee that is a mid cap US company, Repipe, that have been expanding aggressively in the US. They, as well as Chevallier, are locked into escalating minimum royalty payments and may be a possible bidder.