Balance sheet value does not normally equal MV

That’s corporate finance 101.

MV is whatever someone is willing to pay. £25 is being used as a proxy because there is no market for the shares, but that isn’t to say there isn’t another willing buyer that would pay more.

It’s a moot point really, I don’t think the shareholders have a choice in the circumstances, and fundamentally they’re not being asked to approve the deal, just waive their right to also be offered £25 per share.

Posted By: SimonOTBC, Sep 4, 12:30:10