The buyer is Gurnet Point L.P. The CVR has four components, detailed in the above PR, with a maximum cumulative value of $4.90/sh. Based on the current share price, investors are ascribing about $0.50/sh of NPV to the CVR.
Excluding the CVR, the $1.75 buyout price is a 28% premium to INNL’s share price on 3/15/17, the day before INNL issued a PR saying it was in buyout discussions (#msg-129597307).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.