It was shaping as the winter of Murray Goulburn's discontent when it started a bookbuild for its $500 million partial float.
On the second-last day of June, the dairy co-operative's managing director Gary Helou and chief financial officer Brad Hingle bunkered down in the offices of their capital markets investment bank, Macquarie Group.
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Jared Lynch is based in Melbourne, covering food, factories and farms, as well as other company news. Connect with Jared on Twitter.
Joyce Moullakis writes on banking and finance, specialising in investment banking, private equity, and financial services. Connect with Joyce on Twitter. Email Joyce at joyce.moullakis@nine.com.au
