Actually you were more on the right with the first comment, The market cap before was $22+ billion and now down to $16.3 b now so $6b discount against $13.3b value of the acquisition with half ($6.65b) in cash. As half of the deal is in JHX shares, that part gets discounted along with fall in share price. So buying now gets you AZEK close to free.
JHX Price at posting:
$37.99 Sentiment: None Disclosure: Held
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