'This is headed for a company with 4 major shareholders, no one...

'This is headed for a company with 4 major shareholders, no one with enough to complete a takeover or control and all wanting different things from the company. End result major shareholders want a say on the board, a split board and a company going backwards because of competing interests'

I don't think any of the major shareholders, apart from Kirin, will be content with that. Bega is now free to bid without worrying about the ACCC. MG's imaginative route to get clearance without the ACCC could take months.

BGA's freedom now alters the situation, and I think it likely they could come back with another bid, maybe after stitching up a deal with Kirin.

I don't think Saputo are done yet and may try a knockout.