Ann: Half-Year 2018 Results and Briefing Pack, page-68

Looking through some broker reports, value of SNE for WPL is between 54c and $1.86/share depending on the investment bank... So include net cash and you get a max takeover value of AU$820M before every investment bank thinks you are destroying value / thinks a dividend is a better option than a FAR takeover. Citi groups valuation of 54c/share of WPLs price suggests that WPL already significantly overpaid for its 35% I'm not saying that the investment banks are necessarily correct in their valuations, but I'd take their valuations over anything posted on HC any day of the week.

I just don't believe there is value in taking over FAR and it looks like the major investment banks would agree. That's not to say there isn't other more valuable M&A opertunity out there, the alternative doesn't have to be a dividend.