I think you may be close to the money FXm. I found something online where it said a shell might be worth $500k without franking. With franking then it has to be more.
If you look from MVT/ SNC past announcement, they have a history of making "low ball" offers. So we should be expecting one. i note that the announcements talk about "options" for the shell so I have there is a bidding war for it!
Ann: Dividend/Distribution - REF, page-68
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