Book Value Relative to Post MediaGVC book vale is $1.38 per share.
Post media has a negative book value but trades with a market cap of $190 million.
Book value is the usual reference for valuation.
Actually, in these days EV is considered more appropriate.
So, there is no way that Madison can justify an offer less than our book and much more than that when it's best proxy...Postmedia ..is used