given BRU's market cap is 616mil and OBL's is 15mil and lets say...

given BRU's market cap is 616mil and OBL's is 15mil and lets say BRU and OBL both end up with 50% with OBL farmin out 25% to OXX leaving OBL with 25%.

So the market is telling us that it values BRU 50% at 30mil if you say OBL's current value is based on a 25% holding. (BRU 30mil for 50%, OBL & OXX 15mil 25%), total value placed on derby 60mil.

looking at BRU's market cap with 41mil cash on hand and taking into account other assets, Derby seems to me to be taking a larger chunk of BRU 's market cap to that given to OBL.

All this is based pruely on Derby being sliced up into the % given above and speculation the market is actually placing these current levels on the above stocks, to put it bluntly this is purely MY OWN speculation.