Doing the maths (hopefully accurately, and on the basis of...

Doing the maths (hopefully accurately, and on the basis of limited disclosure) gives this current picture of CWK's substantial holders -

Boardwalk - 17.3%
Noble - 9%
Macquarie - 7.12%
Acorn -5.3%

(For Noble to reach 9% as reported, they must have previously held some 4 million shares).

So IMHO it changes nothing - just rewards Noble and others close to BBY in the short-term with cheaper shares, before the inevitable takeover by WHC.

$156 mill. for WHC to buy out the shares that they don't own (or scrip equivalent) which is roughly what Vickery South is worth.
Absolutely nothing to a $5.1 bill. merged enterprise and they get Ferndale and Oaklands thrown in.

Game on .......!