excuse the ignorance please but does the 25% IRR mean 25% annual...

excuse the ignorance please but does the 25% IRR mean 25% annual return on the 23mil invested? I looked up the formula but no longer can do algebra. If so over a 3 year period that would equate to 44mil.

If TSNs value is currently 35 mil. that would mean the other 75% equates to 105mil.

If TSN want to buy 75% then they would likely be in a stronger position to negotiate the 105mil down if TSN mc is lower theoretically. The problem is the TSN MC is a complete gamble as we dont have any of the profit/margin figures. These would obviously be known at the time of CX exiting so in that way the TSN price should be completely irrelevant.

The whole situation is very confusing. I'm only investing in it due to the macro environment/TAM. Would never consider investing in a private shell again - lesson learned.