Sunday, October 28, 2018 1:42:10 PM
It can be a bit complicated if SIAF has to give the 18.3M shares back to TRW. 
Not only are they giving back the 18.3M shares but also the profits attached to it of the past 2 years. Which means they would have to book a loss (half of what they earned the past two years).
It would be a different situation if SIAF had distributed half. Then they would have distributed $62.3M + profits. IOW, more than $3.40 per TRW share.
Which also implies that the $3.40 distributed by TRW now is actually more. You have to include profits because TRW is worth more today.
Not only are they giving back the 18.3M shares but also the profits attached to it of the past 2 years. Which means they would have to book a loss (half of what they earned the past two years). It would be a different situation if SIAF had distributed half. Then they would have distributed $62.3M + profits. IOW, more than $3.40 per TRW share.
Which also implies that the $3.40 distributed by TRW now is actually more. You have to include profits because TRW is worth more today.
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