Eddie Bauer Holdings (fka EBHIQ)

[temp luvs amy]

This is how it plays out against the most recent balance sheet:


$202 million is offered.

There is $75 million in shareholder equity, and ~30 million shares outstanding.

There is a $75 convertible debt.

If the debt is paid out of the $202, the equity increases to $150 million, and the offer is reduced to $127 million.

If shareholders get less that $4/sh, you got stiffed.