Ann: BetMakers submits proposal to acquire Tabcorp assets, page-517

That is correct but dilution will be when u r simply issuing more shares and not getting anything in return. Here BET is purchasing assets by that $4b. It's a debt but it is fully covered by assets. Dilution could be when they were only issuing shares without getting anything in return. It's like when new currency is printed it is backed up by gold reserves. Similar is the transaction BET is doing. If after the sale someone buys BET it will have assets of 4b and not only 4b shares. That's what I think but I may not be getting ur point.