There is no instant upside in the merger.Nabi shareholders get...

There is no instant upside in the merger.

Nabi shareholders get to own 26 per cent of the merged entity. Following the nabi Dutch auction buyback currently underway they will have circa 28 million shares on issue. Do the math on this and you find that nabi is priced almost exactly in line with bta at present.

Which is exactly as it should be. We're there much of a gap there would be arbitrage profits to be made by going short the overvalued member of the pair / long the undervalued.