takeover value, page-9

I hold BEPPA, but at current prices I can see the attraction of BBI - at 7c there clearly is more potential upside.

Also, given the amount of debt involved, in the unlikely event it all goes very badly wrong, then it's not unlikely that the notes will be wiped out along with the equity. I suspect that's what has happened with AFG/AFGHA, and possibly will with BNB/BNBG.