While a minority shareholder can never be entirely happy with a majority shareholder that self deals itself a discount on cash (HRG had ), I still think this represents a decent deal at current prices. Pro forma for the transaction, HRG will have 140MM shares outstanding. With 27.8MM shares of SPB @ $26.60 per share, that's $736MM, plus HRG's existing $140MM cash, that's $876MM / 140MM = $6.25 per share. While I don't get the purpose of this (for all practical terms) public-to-public SPAC, it's better than I feared - getting stuffed with HRG's white elephant of a wireless buildout. While I have only read a the last K and a couple of Qs, I actaully kind of like the SPB story.
Good post and a sound reason.These are whale operators and so we hope we are lucky following their decisions.Lot smarter lawyers and attorneys then the average bear.. Will trust they take the little guy along,,Sneak job