the longer he delays, the more expensive it will be. $600M wont make it. If they’re offering a 30pct premium on today’s closing price, it needs to be more like $650M. I doubt that would be enough though considering that Myer has >200M net cash. It’s like paying $650 but getting $200 free, which means he paid only $450 for the whole business.
I still think Myer is worth a dollar given its cash position now.
MYR Price at posting:
59.5¢ Sentiment: Buy Disclosure: Held
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