I heard some solid rumours that at the time of the NWL offer, two other companies were sniffing around.
You'll see in the presentation that PPS engaged firms for "takeover defense" due to this (it is included in the acquisition costs slide and was mentioned in the presentation.
Obviously a lot has changed since then, and in hindsight they should've taken the deal (short term hindsight anyway, who knows long term), but I think it's clear there was/ is numerous eyes on the PPS ledger.
Ann: PPS Investor Presentation - H1 FY2022 Results, page-38
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