It'll be a shame to see Webster disappear, not least because of...

It'll be a shame to see Webster disappear, not least because of its water holdings.

I wouldn't rule out a rival bid emerging. Clearly PSP is hoping their hefty 60% premium will be a knockout blow, but given the water assets I wouldn't be too sure.

With Ruralco, their assets were such a mish-mash I couldn't see a rival bidder emerging (and none did). But Webster is a far more appealing target I would've thought. You get a lot of water for your money, plus aligned and well-managed horticultural and agricultural assets (which an acquirer could offload if they only wanted the water).