Ann: Change in substantial holding from BCI, page-3

Actually the price gets cheaper by the day.

When the deal was first announced the implied offer was $1.49 (0.44 share) +$0.10 cash = $1.59 or $256.5mil implied offer.

Assigning current SP of $1.55 = $0.68 + $0.10 = $0.78 or $126mil implied offer.

Now I am starting to think the some of this slide may be related to getting the book value of this deal as low as possible.