why below offer?, page-13

CAH shareholders need to look at the facts. SBM have a mill about 90km from the Catalpa mill. The SBM mill is falling apart and has not had any money spent on it in years. Great win for SBM. High grade Marvel Loch and send it to CAH's mill. Close the SBM mill.
Leonora is hard and King of the Hill is still a big risk.
So far it is all SBM's way.
Tim would also love 30% of Cracow, with the other 70% owned by his ex-employee Newcrest with no love lost there, would really annoy them.
Still nothing in it for CAH.
They need to offer a lot more than that.
CAH have a much better strategy and less risky future than SBM.