not over yet, page-2

It might not be over, however I don't see how the winner will not have a write down sometime in the future. Just ask Lion!

The best thing Bega could do is pocket their $80M+ and walk away with low to no debt. With Fonterra now a shareholder, however, there is a possibility they will increase their offer with a rights issue underwritten by Fonterra. If that does happen I have no ideal how it would be value enhancing for current shareholders.