Interups Inc (ITUP)

[RealDutch]

I have the impression that Cow Capital is expected to buy the WM arm of ITUP at a price that has already been fixed in a year - several hundred million dollars. To me it seems problematic to fix that price almost a year before the transaction takes place.

I can speculate but I will leave that one (question nr. 4) for Laxmi as well.

I can answer one question for you though. The merger will be an all-stock zero-cash acquisition (most likely).

Why? Cow needs cash for working capital. They will need lots of it when you are financing big planes, tons of gold, and lots more. And, they will need more money the faster they grow. I always used to say cash flow is a "bitch" when you are growing fast. And $500M or whatever it is, is no luxury. Very good, but not a luxury. So that answers that question.