The proof of the pudding..

This is where the IE report gets buried under a huge pile of rocks

The level of control premium that should be applied to the value of a minority interest in order to derive the value of a controlling interest is somewhat subjective. Based on these considerations, we are of the opinion that a premium at the lower end of the range is appropriate for Cellestis.

One could reasonably assume (with a wide margin for error) that the subjective nature of estimating a control premium will be their collective undoing - by opting for the cheaper "no frills" model they have almost certainly lost control and therefore lost the race.