The numbers are hard to reconcile and/or accept.
RHG (business operations and loan book) currently has a market cap of about $95million.
WBC has offered $140million for the business operations (only).
To me this means that as someone could pick the whole operation for around $95million, then the market is implying the loan book has a negative value of $45million.
In simple terms, go out and buy the whole of RHG for $95m, sell the business ops. to WBC for $140m and it leaves you with $35m to fix-up the loan book.
value of rhg after westpac bid
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