The franking is more just for Sandon and other small Australian holders that make up a minuscule I think. Sandon refer to a potential near $1 of franking that should form part of it. But I think you correct in that it is not so much a factor for Saputo and Lion, perhaps more of a case of if the board are going to recommend the bid maybe they should think of all holders and potential franking that can be used.
Ann: Saputo Announces Takeover Offer for WCB, page-15
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