I don't know what Lion is thinking now, in the past it was about there cheese contract and last year that was sold to WCB so not sure why they would want to continue to hold. Saputo could have done a private placement to dilute Lion and then done the take-over offer if Lion was still resisting so maybe Lion will accept it this time round.
Ann: Saputo Announces Takeover Offer for WCB, page-4
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