I think you are barking up the wrong tree in assuming there is...

I think you are barking up the wrong tree in assuming there is an arbitrage trade here.

The only basis for talking about "implied value" is with reference to the fact that we are essentially issuing BTA shares at 84 cents as part of this deal.

But there is no reason to think that we will automatically trade at that price. Two things to consider are:

1) NABI is currently trading at a price that is a discount to its cash backing & in line with the trading price of BTA.

2) The fact that shares are being issued at a particular price in a non-standard way (takeover of a cashbox) will not necessarily drive a re-rating. For another non-standard capital raising - but in many ways more normal than the BTA situation - look at the raising AJ Lucas is doing right now to Kerogen - issuing at $1.35 but trading around 60 cents.

I like BTA, and own some as of yesterday. I hope that good marketing in the US attracts demand and drives a re-rating. But as for an "arbitrage" play. . . . don't think it exists. . ..