It would probably make sense for Tully to keep MSF at bay until the CSR demerger goes through... that will give the market some indicative metrics to price a pure sugar play like Tully. MSF is more property holder/developer that sugar producer so they need to get Tully tucked in to take advantage of the dynamic of the sugar market at a higher multiple. MSF wont get Tully at the offer price.
Ann: Statement re Media Report , page-4
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