The Glanbia debate
More details on the proposed joint venture between Glanbia Co-op and Glanbia PLC have been outlined.
Debate and lobbying can now begin in earnest.
As I see it, the debate will lie between the Glanbia milk suppliers and shareholders who want full control of milk processing, and those who oppose the idea of exiting a high margin business to invest in a low margin one.
I understand that this same issue is hotly debated within the co-op board.
Certainly, the PLC wants to exit low margin milk processing.
The momentum building up to push the deal through is reminiscent of the effort to get the demerger proposal past the post two years ago.
That proposal only marginally failed to achieve the 75pc shareholder threshold that was required for such a move, and I know many farmers who voted for the last deal are now glad that it was rejected.
Is the latest demerger proposal any better?
Certainly, it is a more complex package and the doubling of the PLC share value gives more wriggle room.
But the nagging issue of farmer enthusiasm for familiar but unrewarding milk processing, rather than the distant but potentially lucrative consumer ingredients, remains.
The latest half-year Glanbia plc results, which show that 75pc of profits were made in the US, reinforce this dilemma.
In many ways, Glanbia plc is now tracking the successful growth path forged by Kerry PLC, but there is one big difference.
Kerry PLC has retained full ownership of milk processing. It has assured suppliers that all extra milk will be handled and gained extra capacity through the purchase of Newmarket Co-op.
While the valuations on the assets being transferred into the joint venture look more realistic than two years ago, it is very hard for farmers to value such assets in today's banking climate.
If the Ballyragget and Virginia plants were actually on the market, who would bid for them? In reality, the co-op is the only buyer in town.
This time round the backers of the proposal are assuming the most optimistic scenario in their projections on the co-op being "debt-free" in 2013 and that the long-term debt of the joint venture will be assuaged by 2017.
Farmers will welcome the cash windfall from a spin out of the co-op shares in the PLC. Dry shareholders will also welcome this freeing of assets.
But will there be a capital gains tax bill on the income from the plc shares?
What will happen post milk quota? Will the uncertainty over milk prices continue? The questions are many.
It is now up to the farm organisations to research the figures and promote a balanced debate.