The landscape has changed a lot since the last TO. I wouldn't be surprised if a new offer was put on the table that it would go through. There is a number of new ports and a lot more competition against GNC now. Right alongside the Newcastle port sits a major competitor in Newcastle Agri Terminal, and in Port Kembla port they have a relatively new threat of Quattro port. In Brisbane they have a competitor with QBT. These other ports are have foreign owners.
As well as upcountry sites, there are new ones opening up for competitors all the time.
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