Out of the $20 mill though take of $5 for the cost of the $100 mill plus debt funded to buy it.
It appears as though ITQ is more valuable to TAH as they can use the systems on their network and instantly create value. I agree TAH would pay more but without another bidder I don't see that happening, we need the Spaniards to come in at $8 then get $9 from TAH.
Not sure which way I'll vote but if no other offers I would say ill support this bid. Because rejecting it may see a drop in SP, I'll then move to the next stock.
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