Ann: Unsolicited Approach , page-12

IMO, I think that the Board is of the same opinion.

Share Buyback started Aug 2011. Because the Share price was low, and there interest cover is 7.0 times, the better use of capital was to complete a buy back.

Interest cover 7 times

Current Total Liabilities 637 Million, on which they paid $35 Million Interest (on a portion of it)

So there is 245 Million available to cover interest.

If KKR Take over using 600 Million Cash, They bring PBG Debt upto 1.237 Billion. So lets assume 10% interest is 123.7 Million. so Interest cover not drops to around 4.0

This leave $120 Million in PBG.

600 Million at $120 Million per year
600 Million in the bank at 10% 60 Million.

My opinion only..., the buyback should continue...