If Gina reaches 50% of WGO, I would expect STX to accept Gina’s offer. Once in charge of WGO, Gina will likely make a big capital raising in WGO underwritten by Hancock. If $500m, STX will have to come up with $100m to maintain 20% holding.
Regal can move to 20% and stop Gina or accept a higher offer from Gina.
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