GMD paid about $100 million for there current 80% holding in DCN.
If the remaining 20% of DCN was bought by GMD (under a new offer after 20 June) for $100 million that'd be about 88 cents per DCN share.
Something has to give over the next few months.
Even if it ended up as say 44 cps I think it'd still be a great deal for the remaining DCN demersals - like me!
GMD will need to prepare a big sweetened Black Forest Cake to get the Delphi and thus Kin DCN shares, probably with a combo of cash for shares and good processing tie ups for Kin dirt through any of GMD's two hungry mills.
Happy hunting.
Ann: Presentation - Acquisition of St Barbara's Leonora Assets, page-31
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