$6.47 is the valuation with the $5.25 1:11.13 share issuance.
It does not factor in the market's apparent dislike of the idea of TPG starting an 11 years mobile network war at spectrum price that is obviously unprofitable to any other networks. (the curse of auction, if you win it, that's mean your competitors don't think they can make money at your price)
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$6.47 is the valuation with the $5.25 1:11.13 share issuance. It...
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