Sandfire (SFR) recently made an unsolicited, non-binding, indicative and conditional proposal to acquire 100% of MOD shares - via all-scrip consideration equivalent to $0.38 per MOD share - implying a valuation for MOD of $113m - Made after due diligence, access to data room and a site visit. Karl Simich is no mug. He wouldn't have offered 38c per MOD share if he didn't think they were worth at least 10% more than that. I think he would consider them to be worth at least 50% more than that. However, let's go with 10%, implying a value of 41.8c per share. Let's just round that up to 42c. Additional: 25-June-2019: SFR have now made a new takeover proposal valuing MOD at 45c/share that has been unanimously supported by the MOD board this time (in the absence of a superior proposal). I have therefore increased my valuation to 45c.