Pear tree, to be fair, the announced ITC purchase price was $100m in late August 2009. It also wouldn't be fair to compare $28m with the original $100m.
The original proposal included 2 saw milling businesses in Victoria (of which Heyfield was one, 2 in Tasmania, as well as ITC's 50% of SmartFibre in Tassie. The ACCC blocked the SmartFibre transaction so that was removed from the deal and purchase price dropped around $10m.
The deal included $72 of inventory of which GNS said they would immediately reduce by $30m.
Therefore, $28m for Heyfield doesn't look so bad if Hermal can front up with the cash on settlement day.
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