saputo's 9.00 is not what it seems, page-4

ferry and trig. The offer is $9 cash, nothing less. There are provisions in the agreement for WCB to pay special dividends which will be deducted from the offer price.

Don't think the special dividends would be paid in any way if the offer was not there. It is a way of giving extra value of franking credits as part of the transaction.

SO, $9 cash. Not less. Naturally, dividends change how it will appear from a capital gain perspective too. Plus the possibility of franking credits depending on circumstances.