Could be. If management gives up a significant portion of equity at this price then I am out. I still take the equity portion to be more of a consideration fee than a direct contributor to the billion needed. I expect a full billion in loans and bonds.
If a total package required ~50% of capex in equity purchase at this price you would be looking at a billion more shares and those equity investors would own over 80% of the company at that point. An outright purchase plus a nice deal to retain management would seem more likely to me at that point. A 2-3 hundred million buyout plus a committed 2-3 hundred million in financing along with other debt investors seems like a better deal for all under that scenario.
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