Qantas has released a 221-page target statement this morning and – surprise, surprise – it reveals that independent expert Grant Samuel has endorsed the $5.60-a-share takeover as “fair and reasonable”.

The experts put a floor under the bid at $5.18 – saying anything north of that was reasonable. And they warn that Qantas shares would fall towards the pre-bid price of $4.20 if the bid failed.

The official valuation range was $5.15-$5.98 – meaning that the takeover bid is pitched almost smack in the middle.

It’s pretty rare for an endorsed bid to ever produce a valuation range that is north of the agreed price, but Grant Samuel has also clearly stopped short of saying the private equity barbarians are paying too much.

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