Back in July 2006, New Hope picked up 122.6mil Arrow shares for A$119.3m (avg price of A$1.0276/sh).
So for the initial offer of $4.45/sh, NHC's gains b4 tax are, (122.6m * $4.45)-$119.3m = $426.27m Shares on issue: 827.2305mil, Pre-tax gain/share: 51.53 cents/sh
AOE last traded at $5.29, b4 the halt this morning, so on that price alone, NHC's gains are worth $529.254m or ~64c/sh.
If the offer is sweetened by RDS-PTR to hypothetically say $5.75, then NHC gains $585.65m or 70.8c/sh.
Should b interesting to see what AOE's strategy is firstup. Both AGL & NHC will gain something out of that deal t/o IMHO, unless AOE opts to raise some capital, in which case the landscape changes completely & the bidders would b aware of that, rather then come back yet again by Xmas.
Just my thoughts for now. Will find out more on Tues, when AOE comes out of the halt.
NHC Price at posting:
$5.11 Sentiment: None Disclosure: Not Held
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