The deal is NOT just for $15, but also whatever FCC license is sold for ....
LEAP paid $204 million for it, or $2.58 a share and if the license is sold by AT&T for at least that amount, there's another $2.58 tacked on to the $15 offer .... BUT !! .... what if they get alot more than $204 million for the license ? Bottom line ? The stock will probably head to $18 on Monday, maybe even higher. I have no position.
Did you read the proxy. It could take years to sell the spectrum, and, for technical reasons, it is not a very desirable piece of property in the first place (which I imagine is why T doesn't want it; and we already know VZ doesn't want it. Who are they gonna sell it to?). This is all described in the proxy.
Given the timing and price uncertainty of the CVR, and the technical undesirability of the property, it is no surprise the stock has dropped like a stone since the proxy dropped. (I sold my position immediately, tho I am still short some $15 puts).
The market is grappling with these issues now. Whoever has the best guess at the value and timing of the CVR wins. I certainly don't. Good luck.
Be nice to the shorts...The license is part of the deal. ATT bid is not worth more than $15. The only possibility of higher is if another buyer steps in, which is NOT going to happen since the $15 offer is ridiculous for this company/stock. Monday/Tuesday rational thoughts will bring this stock back to the upper 14s.