Well the NAV is about 104 Yen per share. If it a general offer, i don't think it can be lower than this amount. And their reports keep on saying that that official valuations lag actual valuations in a market that's on the way up.
I believe their last few sales sold at 10-20% above premium.
So generally speaking, for a general offer, I don't see how anything lower than 110 Yen per share can be attractive enough for shareholders to vote for it. Long term and substantial shareholders may want an even bigger premium.
On the other hand, if it is simply an offer to buy a block of assets, the price could be anything.
I believe their last few sales sold at 10-20% above premium.
So generally speaking, for a general offer, I don't see how anything lower than 110 Yen per share can be attractive enough for shareholders to vote for it. Long term and substantial shareholders may want an even bigger premium.
On the other hand, if it is simply an offer to buy a block of assets, the price could be anything.