Agree with this but also worth noting the following:1. RG would...

Agree with this but also worth noting the following:
1. RG would rather get the takeover job done with as minimal friction as possible. If he bids for example $1.20 he may get what he needs and as long as he only bids at a later point in time he could just pay the remaining holders (ie. the 12%) and it's not a highly costly endeavour. He may pay an extra $15 million and get the whole company without any legal issues, hassles and he saves admin/accounting costs. Not to mention if he distributed a 5 cent dividend to himself afterwards he'd get the $15 million back as there is sufficient working capital in the business. He can't be too short of cash either as he's earning a nice sum from the properties that PGH rents from him and given all his other assets he could easily get financing. Wouldn't be surprised if he gets $20MM+ per year dividend from Visy too.

2. He may wish to sort out the legal issues with TIC first. Provides a bit more leverage given the TIC founders hold stock.

3. The company also derisks as things take time to play out given the growth, simplification and reduction in debt.