I have to admit, the weakness of the square share price really introduces some doubt. Apt is now in a position where its a cheap TO target relative to the initial bid. An all cash offer would really threaten squares bid.
Of course one could argue APT would down at $70 or $80 without the bid, but it doesn't really matter. The bid is now effectively worth $0. It's the value of the synergy itself.
This may not be over.
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SQ - Where to now?, page-63
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