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So it will be a matter for the lawyers to convince shareholders that Zipcar has enough potential, and was undervalued significantly, to merit the case.
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According to this model, the stock market is significantly undervalued right now.
The offer significantly undervalued the company, the board said in a statement.
This is particularly important for those countries whose currencies are significantly undervalued".
Mr. Engler said that the International Monetary Fund had already declared China's currency "significantly undervalued".
Aer Lingus has fiercely resisted offers from Ryanair, saying that they significantly undervalued the company.
The management of Potash has opposed the BHP offer, arguing that it significantly undervalued its shares.
After previous bubbles share prices have always become significantly undervalued before recovering.
Men's Wearhouse claimed that the offer "significantly" undervalued the company.
"It is irresponsible to imply that a share offering looks significantly undervalued," he wrote in a letter.
Alfred Chuang, the chief executive, has repeatedly said that Oracle's $17 a share offer for BEA significantly undervalued it.
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