Ann: Indicative and Non-Binding Proposal - Market Earnings Update, page-4

Disappointing. What I don't like is that they lowered the offer then pointed out that there was 20 cents of extra shareholder value to be unlocked in franking credits. Which made me wonder if it they are manipulating people to accept the lower offer by holding out the franking credits as an appeasement.

I'd like to see other competing offers, also it's not unusual for the first offer to be followed by a second higher offer after they have tested the waters and found the current against them. And so we wait some more...