RE: Recent report I am going by the TD Securities Analysis (Exhibit D of the management information circular). There are 4 analysis methods given in the report, and two of them are used by TD to arrive at the range $32-38.
If you disagree with the anslysis methods used by TD you get another range For example, if you prefer discounted cash flow, then the range is 32.72-39.54. If you use their comparable precedent transactions, you get 31.69-35.95. If you use a combination, you get the TD range of $32-$38.
The purchaser group argues that you should use the LBO number. If you wish to do that, then the offer is within the range.
Best of luck, and make sure to vote :-)