It would be very hard to realise the NTA in a sell off. There just isn't that big a market for campervans. Then you would have to exit leases etc in the winding down process. You have to assume it is being valued as a going concern.
I wonder how the independent valuation will come out. They won't be able to value it based on an earnings multiple! So I assume they will put a value on it based on forecasts and being "well placed for the recovery". The offer values the business at $66m. How much more would they be prepared to pay? Today the market says it wants $69m.