bullish
NTT's Partial Offer for Intage (4326) Part Deux - Refining Pro-Ration Expectations
1.1k Views14 Sep 2023 18:13
NTT's deal to buy a large chunk of Intage (4326) is interesting, and the numbers may be confusing. Pro-ration estimates are tough. But not impossible. Then you think about the Other Risks.
Boomeranged on Sat, 23 Sep 2023 11:49
When I wrote this, 9 out of 11 cases presented, including my base case, had NAVF-held shares being tendered (whether they sell, or they tender). After I wrote, they sold from 12+ to 2%. The key now is your bet on Dai-Ichi Life, the ESOP, the other corps, retail, and the post-deal overhang. Will irrevocables sell remainders at a lower price? How long til a takeout tender? Do you like the back end?
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