another way to look at it is Lion owns about 2.1billion SBL...

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.