Keryx Biopharmaceuticals Inc fka KERX

[FredKerx]

If you own 10,000 shares of KERX, pos merger, you own 3743 shares of new company Akebia Therapeutics.

Pre-merger, if KERX were to be acquired at $10, with 10,000 KERX shares, you would have proceeds of $100,000.

Pos-merger, with 3743 of AKBA, you need AKBA to be acquired for $27/share to get proceeds of $100,000.

If my calculations are approx. accurate, AKBA O/S pos merger will be at approx. 115 million shares.
At $27/share buyout, Vifor Fresesius would have to pay $3 billion.

Anything less than $3 billion equates to less than the equivalent of KERX $10/share buyout today, pre-merger.

So, again, if calculations are accurate, KERX shareholders of today turned AKBA shareholders of tomorrow, would need AKBA $27/share or $3 billion buyout to generate proceeds equivalent to a KERX $10/share buyout today.

ALL IMO (not sure if AKBA O/S calculations pos merger is accurate)