Ann: JBL announces scrip bids for HML and BHD, page-95

Yesterday JBL accounced that they completed the share buyback at an average price of $1.5618 per share.
They offered us the following for our shares:
0.95 JBL Shares for each HML share
0.65 JBL Shares for each BHD share;
0.5 JBL options for each BHD option

If we take the average buyback price as an indication of fair value then the value they ascribe to our shares are:

$1.48 for HML share
$1.02 for each BHD share
$0.78 for each BHDO option

This does not take into account any dilution effects, however it is in the ballpark. This also does not say anything about what value third parties place on these shares. Currently there are no buy orders, only sell orders so that may be some indication of what people are willing to pay.
It is very interesting how highly JBL values the options, by rights they should get nothing (unless they exercise).