Ann: Acquisition Proposal from Hanesbrands-PBG.AX, page-9

At least the Board took into account the value of the unused franking credits available for domestic shareholders as part of the transaction (paying out a fully franked special dividend of 9.4c/Share).

Still an opportunity to possibly make money out of this deal if you have a marginal tax rate less than the corporate tax rate (e.g. SMSF in accumulation or, even better, retirement phase) - as current SP reflects a position of the franking credits having no value to the marginal shareholder.