Yeah, the $3 is what THEY think, but what they get could be...

Yeah, the $3 is what THEY think, but what they get could be something different. If you take away the contract brewing (as a buyer may have its own competing brands and would then wish to wind down any existing contracts for international brands that GDA brews) and just focus on their own brand volumes, then the $3 is more like $2. Then taking account other factors like debt etc, it could get lower still.

The insight into their thinking is good to know, though. And of course there's some jawboning the price up here. Anyway let's see. An acquisition could be years away.