distribution biz worth three times

Check out todays Australian page 36. Bryan Frith attributes a value of between $420M to $560M for the distribution business that WBC is picking up for $140m. ITS CRIMINAL!
Sure the valuation is based on "normal times" but I whould strongly assert that a figure around half the above - say $210M to $280M - would be more appropriate unless you belive the current credit situation is going to last forever!
If any of the bankers in this country or perhaps overseas have even the remotest ability to sniff out a bargain then I cannot believe WBC will snare this for such a ridiculously low price.