If i recall correctly management planned to fully integrate Baycorp and had identified significant synergies. This may mean that the upfront restructuring costs were quite large.
The investor presentation states they have already realised $13m of synergies.
Additionally if you wanted to fiddle with earnings i would have thought it easier to undervalue the PDLs acquired and realise gains as they are collected.
CCP Price at posting:
$32.80 Sentiment: None Disclosure: Held
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