We just go up or down along with NEM. As someone pointed out...

We just go up or down along with NEM. As someone pointed out earlier, if NEM revisited their 12 month high the implied offer would be around $53 per share. I suppose that some discount to the offer will also persist until 1) NCM board accepts and 2) the offer becomes binding. On my numbers the discount to the implied offer price is currently around 8% which is a similar discount to what NCM had been trading to the previous offer.