Because the nine shares in the deal are coming out from dilution... there are no shares reserves in NINE. With everything equal, you combine the pre- announcement Market cap and the 50% of FxJ market cap together, and then divided by the new number of total shares. The post- merger NEC is far below 2.5. The smart money is selling before the dilution.
Have fun invest;p
News: FXJ Australia's Nine Entertainment to buy Fairfax Media for $1.6 bln, page-32
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