Disregarding the uplift created by the proposed above-market share placement from Lion to Kirin, the premium is 25%. The scheme of arrangement offer price CCA had now dismissed was pitched at about 10.7 times Coca-Cola Amatil's earnings before interest, tax, depreciation and amortisation, and valued CCA less highly than similar recent deals pitched around 13 times EBITDA - Kirin's own $910 acquisition of Dairy Farmers through its National Foods arm this month, and Japanese group Suntory's $1.2 billion acquisition of French group Danone's Australia-New Zealand energy drink business, Frucor, last month. CCA pointed to the higher EBITDA multiples on those deals in its statement this morning saying Lion's proposal contained "material deficiencies'', and no doubt believes that its stable of brands including Coca-Cola, Lift, Fanta, Sprite, Neverfail and Mount Franklin are best in class, and should receive a premium, not a discount.