I would expect umc to have a similar market cap to that of BRM. Both are comparible. Something in the vacinity of $220 to $250 million would get it over the line. My best guess is the first offer will be under $200 million.
Don't forget this game can last a while. It's chess not snakes and ladders.
In my experience the first bid is never the last bid.
afr streettalk sat, page-5
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