"implied value of $0.30 per CZR Share (Increased Offer Consideration)" (Based on Fenix’s last closing price on 24 February 2025 of $0.305)
A little disingenuous don't we think? This update is on the 19th March... so why not update this figure based on the current price as of today - which would be 26.5c. It hasn't traded near this 30.5c price for 3 weeks, and FEX was only pumped to this high price for 2 weeks beforehand.
In fact, they claim the buyout offer was received on 25 Dec... so why aren't we referencing our supposed $71m buyout price and conversion rate on the FEX price back then, which was 25.5c? Based on the FEX SP at when the company claimed the offer came on the table, an offer of $71m we should be getting 1.18 FEX shares per CZR? At the current offer of 0.98 FEX and 25 Dec SP of 25.5c, realistically they offered $59m for the whole lot. However, our board allowed them to pump their price and make the offer look more attractive.
One way or the other, FEX's trading price over the last 6 months about 27-27.5c, and will be likely to remain here for the time being. 30.5c was a pump... so it is disingenuous for the to keep spruiking it as the indicative value of the deal.
CZR Price at posting:
24.0¢ Sentiment: Hold Disclosure: Held
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