Correct, however the way I read it is that if Saputo don't get...

Correct, however the way I read it is that if Saputo don't get to the 50.1% you will receive the $9.
Or if they only get the 50.1% but not the 90% then you will receive $8.54 (7.69 + .85)

Summary - Based on buying after ex divvy date(20/11/2013)
Under 50.1% - $9
50.1% but less than 90% - $8.54
90% - $7.69

Naturally if you buy before the ex divvy date you will receive the $9 but how much is dividend will depend on the acceptance level and thus the franking credits will vary.

So the offer is very dependant on acceptances and I think most people probably don't have a full grasp of how it works.
See last sentence below from the revised offer.

"If you become a WCB shareholder on or after the Ex-Dividend Date you will not be entitled to any Permitted Dividend. If you subsequently accept the Revised Saputo Offer, or your shares are subsequently compulsorily acquired by Saputo, under the terms of the Revised Saputo Offer you will receive the Offer Consideration less $1.31 per share, being the total amount of any Permitted Dividends. HOWEVER, TO THE EXTENT THAT ANY PERMITTED DIVIDEND IS SUBSEQUENTLY NOT DECLARED AND PAID BY WCB BECAUSE SAPUTO DOES NOT ACHIEVE THE SPECIFIED RELEVANT INTEREST THRESHOLDS IN WCB (UNDECLARED DIVIDEND AMOUNT), SAPUTO WILL PAY YOU THE UNDECLARED DIVIDEND AMOUNT WITHIN THE TIME PERIOD REQUIRED BY LAW."

This is my reading of the documents and am glad to learn further if someone has a differing view.

Remember this is my opinion only and not financial advice.