agm - any questions??, page-7

another way to look at it is Lion owns about 2.1billion SBL shares. So each Lion share is backed by about 3 SBL shares (and not a lot else)

So the 2 for 9 deal recommended is like 6 SBL shares for 9 CGT shares. That's 10c worth of SBL shares for $1 worth of CGT shares (priced before bid announced).

Takeover bids don't get much more absurdly audacious than this.