Just replying to the earlier comment by Valuexrtactor....
They got a huge capital return a while back from Boral to reduce leverage and currently Seven Group sits at 2.7x Debt to EBITDA and reducing to below 2.5x in next 12 months.
If SWM debt is gone or largely gone at the time of a takeover (say end of 2023), then they are picking up $300m plus of EBITDA and no additional SWM on balance sheet debt. At the moment, equity is valued at $640m at 40.5cps = $880m at 55cps. They already own nearly 40%, so are only needing to spend $530m for the balance of equity.
If fully debt funded, this represents 1.75x SWM EBITDA, so they actually REDUCE overall Seven Group Debt to EBITDA leverage with a takeover!
So, a takeover is actually quite doable by Seven Group, should they want to.
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