No. It means ceteris paribus on a massive down day LNC puts on...

No. It means ceteris paribus on a massive down day LNC puts on SXP's entire market cap on market re-rating because they know LNC is ripping the bejeezus out of SXP holders. SXP is not doing squat because people realise its likely going to be taken out at 72 cents - hence why pay over 72 cents. It doesn't mean its an indication of fair value. If you think fair value is linked to share market prices go join your EMH friends at university.

The market is speaking, LNC, the company that is acquiring, is rallying. It is usually the norm that the company acquiring falls because they have to pay up to realise long term synergy or other strategic value benefits. But obviously LNC have not payed up for this to happen have they?