The KPMG Report in the Dio Target Statement valued DIO's 49% at:...

The KPMG Report in the Dio Target Statement valued DIO's 49% at:

Low $77.7m
Med $87.0m
High $96.5m

With 91.5m shares on issue that equates to a range of 85c to $1.05 per share for FL alone.

Will be interesting to see how any Northgate offer is structured and whether or not the Board feels they can recommend it. As the AVO letter to shareholders states, there are taxation implications and it remains to be seen how DIO shareholders actually get to benefit - eg return of capital, special dividend, shares in Northgate, shares in some 3rd party bidding vehicle.

In the end, the AVO offer may turn out to still have attractions - certainly ahead of the detailed announcment the market is sceptical that there is major upside from the current offer. Last traded 71c on low volume.