"FW/ Institution undertake a leveraged buyout and then spin off Santalis in a US IPO to repay the debt used to buy out QIN." This one looks like a total no brainer to me. With the valuations for a trade sale of Santalis ranging from the current MC of QIN to 166% the current MC of QIN, why wouldn't a corporate player pursue this route? Buy QIN, spin off a part of it that the market doesn't currently attach any value to, use the capital raised from the spin off to pay back your entire debt. You can effectively get QIN (without Santalis) for free. That sounds like a good deal to me. If I could raise half a billion, I would do this.
Cheers,
Tim.
QIN Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
