>Based on a strategic stake price of 8.60 and a TO/change of control premium of 25-30%, the deal implies a potential TO price of around 11.00
No need to place additional froth on the cream in this case as I have no idea how you come to the conclusion that 25 - 30% should be placed on top for any given valuation????
That is simply a fantasy and it would be up to negotiations between companies and maybe a 50/50% or less chance of them getting that additional implied value.
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