'I don't like MG's offer as conditional in that it only stands...

'I don't like MG's offer as conditional in that it only stands if they acquire 50% of the roster. That's risky, not to mention overcoming the tribunal'

Yes, but Saputo's offers above $9.00 are also conditional, and without the cooperation of the other major shareholders (who hold 45% between them) Saputo's chances of getting to 50% even are pretty slim.

Before I decide what to do, I would still like to know BGA's intentions. BGA's aim must be to maximise the value of their stake, and which way they go will influence the rest of us.

BGA not only have to protect the monetary value of their shares, but also leverage strategic advantages in relation to their business. Don't forget that Fonterra are looking over BGA's shoulder.