Main Reason BAL Is Cactus!, page-7

I sold on Wednesday and took my losses for the record but I think any talk of take over is fantasy at this time.

Any potential takeover would need to consider the provisions of the Fonterra agreeement which would mean the renegotiated manufacturing agreement would be terminated.

This s is therefore a poison pill for any prospective suitor and could only be justified by ascribing a value to the brand and assuming that the payments to Fonterra are less than the brand value.

Without knowing the potential cost of breaching the ownership limits, how can you value the business?

The answer is in the short term you can't!