Shareholders are likely to get more than 50c a share

Based on my calculation, Ten is likely to make EBIT of the 100M a year going forward, which translate to an EV of 1B (10x EBIT as compare with SWM and NEC). As the gain in underpaying the creditors and existing shareholders is huge, there will be a lot of room for CBS and the duo to increase the bid to win the creditors and shareholders vote, til the point of breakeven. If you apply the game theory, there is more for the duo to lose if they lost the bid war so I assume existing shareholders would expect to be paid out at a fair value. ( taken into account the increase of profit due to licence fee cut and restructure as per announcement on 14/06/2017)