coverage in today's afr, page-8

Sorry mlc, I was a bit vague, but you answered it. I was pointing at the distinction between simply a takeover (as a majority holder) and 100% owenership.

The intent and direction behind these two are different.

Taking your point, it seems to be LLC are looking to build up the inherent value within LLC rather than sharing the income/asset value.

This would make it more valuable to LLC than simply offering to take a majority stake? If they expect 100% of shares to be relinquished, it almost stands to reason shareholders would be seeking better value given recent reporting.