u r right Bris, Aspen's offer equates to 76.4c/sh31st May: Aspen...

u r right Bris, Aspen's offer equates to 76.4c/sh

31st May: Aspen starts their due-diligence
7th July: Makes 55c/sh offer (equates to A$648mil)
16th Aug: Revised offer for A$900m

More imp. for Sigma, they can pay off their entire debt with the proceeds.

As per their March qtrly,

Shares: 1178.63m
Current SP: 51.5c
MCap: ~$607m
Total Debt: A$799.4m
Cash: $14.4m
Net Debt: $785mil
EV: A$1392m (i.e, MCap+Net Debt)

Current Offer: $900
Blc after debt payoff: 900-785 = $115mil

IMO, the mkt might b waiting for more clarity on the 'pending' approvals (FIRB i.e) given that Aspen are Sth Africa based.

Besides this, Sigma will retain the Healthcare side of the business.