"[Expletive removed], you cannot read. [Expletive removed], $450...

"[Expletive removed], you cannot read.
[Expletive removed], $450 millioms placement, $668 millions entitlement by INSTOS.
Total raising $1300+ millions.
[Expletive removed] on you.
can you do math?
[Expletive removed] "


$450m placement at a 21% discount to last and 15% discount to TERP is free money to the lucky new investors who picked up that placement stock.

So if that excites you, then knock yourself out, but like I say - its really free money to the placement participants and hardly a measure of the market's endorsement of this acquisition.

But when it comes to the existing institutional owners - whose actions are indeed reflective of their opinion of the transaction - well, they put their hands in their pockets for 83c of each dollar of stock for which they were entitled to subscribe.

In other words, they are so bemused by the deal that they were happy to leave 17c in the dollar on the table, despite it being at a deep discount to TERP.

.