value of rhg after westpac bid

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.