if this deal gets done - decent chance shareholders kick up a...

if this deal gets done - decent chance shareholders kick up a massive stink - you get $1.07-$1.1 (apparently), in two tranches, sometime in the next 6-9mos. this could be delayed. something bad could happen, etc, and deal could easily fall apart, in which case PBH still burning boatloads of cash. or management could backflip and try to keep a good amount of the cash proceeds (see what just happened with DNK for eg).

even so if it goes through at $1.07-1.1 cash you are looking at $150mm implied value for Aus and Cad businesses. Cad is still burning cash; Aus they tried to sell and couldnt. Betr theoretically bid $220mm but then dropped (recall this was a yr ago) and is now in financial distress. totally unclear if anyone else was a real bidder.

What is a break-even and still burning cash, near-zero EBITDA biz worth in this mkt? Not $150mm.

Stock will trade to $1.25 imo. Shorted this at $1.65 after the break today.