Mercantile's Bidder Statement Provides No Rationale for 9 Cent Offer Price

Mercantile (MVT.AX) released a bidder statement for Yellow Brick Road (YBR.AX) which provides no justification whatsoever for the 9 cent per share offer price. I think that is quite remarkable. Normally, such statements provide a detailed justification from "independent experts" for the price. Mercantile's bidder's statement for IPE did. YBR shares are currently trading at 10.5 to 11 cents.