My apologies. Looks like you were correct and then some. This entire SYT buyout process has been one of the weirdest ones I have seen. This should be trading north of $91 and not sitting here anchored at $81.50. Anyone? What else are we missing?
So ChemChina has offered $44Billion for 70% ownership. Unless I have bad data, if you apply $44bilion to the entire enterprise, add in cash, and back out debt, this establishes $88/share for the entire enterprise. However the offer was for $44 billion for 70%.so does this imply that ChemChina will pony up an additional $18 billion later for the remainder or does it imply that once they have control, they can offer $1 for the remainder. If its the 1st scenario, this boosts the implied value of the offer over $105/share. What in the world is the board waiting on? What was the value of Monsanto's last offer, and do they think they will get one over $105/share or maybe this really is about let's screw the shareholder out of the best deal and see is Monsanto will let the board keep their jobs
Not sure how you are deriving $55 offer. BXLT as a standalone company will be worth far more. Current offer (if valid at $30Billion including $8Billion in cash) comes out to $47/share. Arb trades will move BXLT to $42-$43/share range depending on when this deal closes (probably 2H of 2016). If this does not end in a sale, BXLT may trade down to $34 range which is fine because I think it moves back to $40 and then on to $50 on its own in 2016.