No one seems to have mentioned the warrants issued to ING parent. These are struck at 48.75, near book value. In my 12 years of being on this planet and last couple investing for my school class, I have rarely seen the parent company wanting warrants for 10 percent of the spin-off struck at 2.5x the spin-off price. Why bother unless this is an indication of where management sees fair value for VOYA. I don't know the management, but they're prolly human.
You have only been on this planet for 12 years? Appears to me you are asture for your age. ;-) I was looking at insurance sector P/B ratio and proposed VOYA value is around $45. Would venture to guess the warrants may put a cap on because buyers wouldn't want to push the equity high enough to dilute their own shares. I've not looked into the warrants so it is interesting the number is very close to my PT. When do these warrants expire?