please explain, page-7

The gap is pretty small, on Fridays close BGA offer equates to $8.90.

Considering Saputo is only expected to make there offer unconditional and offer $9 to match MG who has plenty of hurdles to overcome.

I think plenty of the WCB farmer shareholders will seriously consider BGA offer. And to add to the mix BGA will be a takeover target so WCB shareholders will get a second bite of the cherry in the next few years.

I don't think BGA will take up the offer from Saputo and WCB will end up with a split among a few major shareholders. 90% compulsory acquisition is a long way off.

BGA especially and MG still control this game as they are the ones with the blocking stakes.