is this real, page-3

There is no much value left for KKR et al at a SP of A$15...

Implied multiples at various CML share prices
Possible bid price
$ 14.00 $ 14.50 $ 15.00
FY07 EPE 21.5 22.3 23.1
FY07E EV/EBITDA 10.1 10.5 10.8
IRR (% pts) 13% 11% 9%

I think this is a real Game On scenario, but question whether the Coles Board and its adviser, Carnegie Wylie really are smart enough to realise that if they over-hyping this event they WILL probably overplay their hand in this instance.