rebel1. If they only take the rest of the assets, they wont be...

rebel1. If they only take the rest of the assets, they wont be paying debt. So if assets worth $2.6b + $1.2b debt = $3.8b total.
Therefore $2.6b is for all assets. If PH is worth $1.2b, other assets worth $1.4b, total = $2.6b

MM say pays $1.4b for all other assets.
OZ are left with PH (Valued at $1.2b)
OZ left with debt of $1.2b.

If OZ use proceeds to pay off debt, left with a bit of cash and holding PH.
OZ debt free, and market values PH at $1.2b, than share price will be around 40c. But with no debt and better management, it should be worth more 50-65c) & Better metal prices.