PPT Execs and Board will still be working out what the potential total break fee might be......$23m plus ?? At the recut deal, it's 7 for 1 plus $1.615 per share. So at a share price post merger of $24, which the market was reflecting not that long ago, that means us PDL holders have effectively sold our shares at $5.04 ($3.43 in shares and $1.615 in cash). t tonight's close of $27.60, it's effectively $5.55 Given PPT won't recut the deal again, and they had an offer of $33 to consider, every one dollar below the $33 offer is worth $57m based on PPT having 57m shares on issue. So paying PDL $100m (pure guess) and selling the company for $34 may still be in the better interests of PPT shareholders. Still plenty to play out here - don't get greedy PDL holders is the message here as there is no Plan B or suitor waiting in the wings.
PDL Price at posting:
$4.93 Sentiment: Hold Disclosure: Held
