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Thursday, February 17, 2011 10:23:20 AM
If APP gets valued at $29, does FKR really lose anything? They would have to pay out something like a billion dollars but they would be basically saying that they are now worth an extra billion dollars because they own a $29 per share company instead of a $23 dollar per share company.
Imagine you bought gold at $1000 an ounce with a CVR up to $1500 an ounce. If gold hit $1500, you would have to pay the extra $500 for every ounce you bought…..but you would still have $1500 worth of gold.
Now imagine APP gets valued at $50 a share, they would pay the $6 happily and be even more well off.
Unless I am missing something, which I may be and would love to know, FKR really has nothing to lose.
If for some reason, APP is undervalued, do you think FKR would want an independent audit done? What if the audit showed the value to be $15 a share? That would completely screw FKR too. They probably don’t want an independent evaluation either.
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