Correct ferry. The dividends depends on % shareholding level...

Correct ferry. The dividends depends on % shareholding level reached. I haven't checked timing.

I think Bega will be interesting, and critical. I wouldn't be surprised if they sell their shareholding to Saputo knowing they'll get cash quickly. Naturally, they could just sit there with their holding, however I don't see how that would benefit their shareholders at this price.

Then there's Lion. If I was gambling I'd also punt they'd prefer Saputo over MG from a market concentration perspective. That's assuming they're interested in selling, which I presume they are (subject to them being comfortable with arrangements). So as a guess everyone is talking with Lion at the moment.

Clearly WCB wants Saputo to win, which gives them a definite advantage in whatever follows. All they need to do is match MG to success given MG needs TIME to complete the transaction, whereas Saputo doesn't. Who would wait months of uncertainty for cash when they can get it almost immediately?