Ann: Revised Non-Binding Indicative Proposal from Wesfarmers, page-41

Not sure how long the due diligence by WES will take. If there is to be a counter offer then maybe that will come at the end of that period.

If not, one would assume an official TO bid would come from WES and shareholders would be given - 4 weeks or so to consider it and vote on the offer.

If no counter offer is received then the TO could be complete by Christmas. I could be a little optimistic with the timeing.