This is NOT correct as even a quick perusal of today's announcement would show.
The latest GMD offer is for $370m cash + 147.8m GMD shares + 52.2m performance rights (now accelerated and convert into GMD immediately if SBM shareholders approve the transaction per 30 June 2023contingent shares + an extra 5m shares as a sweetener.
At $1.255 per GMD share that's $627m worth of value.
That's still garbage. But those are the terms.
SBM Price at posting:
65.0¢ Sentiment: Hold Disclosure: Held
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