It is really not out of the realm of possibility that FEX comes back with a cash offer for the whole of CZR tomorrow. They have $54M in cash. If they issue 200M shares at say 25c, they end up with $104M in cash and could comfortably offer $80M to $90M for the whole of CZR. This counteroffer would be subject to FEX shareholder approval. Still a great buy given Miracle was offering more for just the IO asset. Can only speculate at this point, but tomorrow is their last day before Rio kicks them out if they don't come back with something Mark likes better. I was reading FEX quarterly today and they boldly claim on the first page that they have initiated CZR acquisition. A strange thing to say the day before the deadline for a counteroffer if they are not planning on increasing their bid. I still do not expect a share for share swap as it is dilution. FEX shares will just drop to whatever CZR SP equivalent that they calculate. Cash is king.
CZR Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
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