Yep, I think you are about right. But the average price they pay...

Yep, I think you are about right. But the average price they pay could be much lower than that.

See they may start by buying on market at current low price - say 2.50% at $1.05, then 2.50% more at $1.10. then they buy a further 5% in one hit. They may then launch an offer at $1.80. Some people may sell out to early - but they gobble up another 5%. But the final price should be $2.50 to $2.80. However, the dollar average they pay may only be $2.20. that's cheap - Syr has A$72 million in cash. That's a touch under $700 million buyout when you deduct the cash.