To throw in with Saputo. If they do, other shareholders, excluding MG will follow.
To wait for MG. Apart from any other consideration, the BGA board have never given an indication of wanting to cooperate with MG. As I've said before, time is MG's enemy
To do nothing. From a strategic point of view, and also from Fonterra's standpoint, this probably makes sense and is only awkward in relation to the monetary advantage foregone.
Accept a higher bid than Saputo's from someone else. I don't see who this could be, considering the fact that it would be very difficult for an outsider to gain control with Saputo likely to have at least 30% and MG up to 20%, and Lion 10%.BGA and Fonterra would also have to be assured that a new bidder will suit their strategic objectives.
There's obviously something I've missed, since I'm concluding that 'do nothing' is a very likely outcome, else how do you explain the current sp?
What am I overlooking?
WCB Price at posting:
$9.25 Sentiment: None Disclosure: Held
