With the capper weaving the magic we have a market cap of $339...

With the capper weaving the magic we have a market cap of $339 M. Now WPL have bid $US430 M for COPs 35% which equates to 430/.72 = $Aus597 M. An inferred market value for the COPs 35% plus FARs 15% = 50% is 50/15 x $339 M = $1,130 M. This equates to a new FAR market cap of $1,130 - $597 = $533 M. This equates to a new FAR SP of $533/$339 x 0.77 = 12.1 cents. As Whitenoise says, WPL have offered too low. FAR needs to preempt and borrow $597 M. WPL bugger off, and Mr Capper go harder or go home. If CNE want to bid, dice the above accordingly. Cmon FAR BOD please hurry up and advise.