I thought they got them at $8 myself, their final offer was $9 +...

I thought they got them at $8 myself, their final offer was $9 + a potential .56 cents dividend but that was subject to each individuals tax circumstances.

In the absence of a competing offer, which would be insane at this point, I would be hard pressed to see the current offer improved unless Lion agreed to accept on the basis of some improvement. That's the only lever left to pull for this one.

If Saputo don't get what they want they can arrange a private placement and then buy those issued shares on-market at some point in the future and get over the 90% mark. They have 88% and can use the 3% creep provision in a 6 month period.

What you might think is a fair price and what Saputo is prepared to pay for it possibly wont match.