122.6B net cash and shares - after assumption of all debt which then could be adjusted upward for move in the GBP. 7.5B of 130B price tag was net debt and 3.5B was value of Vodafone Italia ownership transferred from VZ to VOD. 122.6B was a combo of cash and shares. 84B is being paid, in a yet to be declared date, special dividend that is essentially $17 to shareholders in the form of VZ stock and cash. The VZ stock has pricing collars so anything below or above these price collars will alter the net value of the special divy. The balance of the cash of 38.6B approximately is going to buyouts (Kable Deutschland, Worldwide in UK, balance of % for Vodaphone India etc) , debt pay down and Project 'Spring' which is their term for a major 4G build in the EU.
Einhorn statements broken down put VOD worth about $44 fair value before special divy is paid AND before T would be making any premium offer. After the recent posting, I'm thinking my range of $47-52 might be shooting a little low and a takeover price by T coupled with the VZW special divy would put VOD at $55-57 area.