I think the purchase price PAC is suggesting is one you’d expect under a more normal M&A scenario - not one that is constructed under a tight joint venture agreement with pre-determined exit clauses and the like. I would think the acquisition price will be more favourable than that. There’s not much downside if I’m wrong about that either so I think the risk:reward here is asymmetrical under all kinds of possible outcomes.
I think the purchase price PAC is suggesting is one you’d expect...
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