Ann: Talon acquisition update, page-50

JD, if you do this exact same exercise with STX then you'll find it is also significantly undervalued. Your ratios would likely be similar if you compared apples to apples and not just boosted one side to optimistic levels and claim moral outrage.

The market has already provided DCF valuations for Walyering that are largely in line with the STX offer. On this basis your DCF appears to be very generous considering the uncertainties and risks involved. And the range of valuations for the untested ground is pretty significant....

We all have our thoughts on what's good / bad for shareholders for either company. That's what makes a market. Somewhere between the extremes the market usually finds a balance and I personally think the STX offer / balance is right for a script offer. Maybe someone else comes in with a higher cash offer, but that likely won't be much more given the DCF valuations and pre-sold take-off. Maybe they won't have to if STX share price keeps getting smashed making the implied value worse..?