Sunday, May 03, 2015 9:10:00 PM
1) The merger will be based on book value, pro rata
2) The market cap of Gansu Yasheng will increase by the same ratio (again, in a perfect world).
http://www.bloomberg.com/quote/600108:CH
Book (Gansu Yasheng) = Market cap / P/B = 22,058,550,000 / 4.9065 = CNY 4,495,000,000 = $723M
http://www.sec.gov/Archives/edgar/data/1123312/000119983515000079/yasheng_10k-16333.htm
Book (HERB) = $2,421M
Market Cap (old) = CNY 22,058,550,000 = $3,549M
Market Cap (new) = $3,549M * ((723 + 2,421)/723) = $15,433M
HERB shareholders own 2,421/(2,421 + 723) or 77% = $11,883M
Divided by 155,097,355 shares = $76.6 per share.
That's what you get when markets are completely out of whack.
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