fmg takeover of fdl, page-5

Shoot me down in flames, but it is one explanation for the lack of premium in SPvOP and I can't think of any other.Pay 32c per share,fully diluted at $480mil.Cash in hand and option exersice of aprox $38mil= $50 mil+.Then spin of diamond business to exsisting shareholder at no or minimal cost.
Who gets the cash? probably flinders diamond.Then everyone is happy.
Regards
ps It does'nt have to be FMG