The obvious next step is that there is some negotiation and...

The obvious next step is that there is some negotiation and Woolworths have to make the bid more attractive. All the commentators are saying that $4 is a full price and Woolworths can't be expected to pay more, which I have no reason to doubt, but there are several cents worth of franking credits which you would normally expect to be paid out by way of a dividend as part of the Scheme. This would be done at no cost to the bidder. I am really surprised that there had not been more talk of such a move. I can't see what the impediment would be and in that case, Mr Lew would be up closer to $10mio, and everyone else is better off too!