Sydney Attractions Group on Monday released its Target's Statement in response to Village‘s $6.01 per share takeover bid. In recommending that shareholders reject the offer, SAG noted that the offer is "grossly inadequate" and "fails to recognise the inherent value of your company".

Refreshingly, SAG didn’t simply appoint an independent "expert" to prepare a valuation of the company, rather, the directors did what all directors should – they actually worked out a valuation range for the company themselves (a little ironically, SAG are being advised by none other than Grant Samuel, Australia’s leading independent expert). SAG’s range of $8.59 to $9.37 per share is significantly higher than Village’s offer.