Sdaji, you raise the ultimate question for buyers: Do I buy TXN...

Sdaji, you raise the ultimate question for buyers: Do I buy TXN or SEA? (Hypothetical because I already hold enough shares in both companies).

You suggest TXN could fall to 30 cents if the deal falls through, yet this fall would occur only if SEA backs out (possible, but very unlikely if EFS has the value we understand). More likely, TXN would back out due to a better offer, which would logically raise TXN's share price.

Also, if TXN shares are tied to SEA's share price (market discounts to zero or can't add in Talon's value), then TXN holders have more to gain because (a) they benefit from SEA's price gain if the deal goes through (accretive acquisition) or (b) they benefit from a better offer.

Speaking of better offers, RichE provides an excellent discussion point. Although TXN's board supports SEA's offer, I'm sure they are (or should be) encouraging better offers before the deal is done. And SEA likely believes this is a "too good to be true" situation, so has the cash handy to increase the offer. However, keep in mind that SEA buys low, so it's resistance bargaining point may be lower than we hope.

Just my thoughts. Would welcome everyone's views on TXN vs SEA share opportunities and risks.