Re: NVS-ACL deal quiz.
1) The argument that it is difficult for a majority owner to get value out of a subsidy.
This is wrong because they will report consolidated earnings, so their share of ACL earnings show up on the NVS earnings statement. It is of course also possible to extract cash via dividends.
2) That any stock price drop (of Alcorn stock) would hurt NVSs balance sheet.
No, their portion of Alcorn's balance sheet is what matters.
3) That an option for the majority shares at $181 means they would buy the minority shares ate $181.
Once they have majority, they have the important decision making control. There is no reason to assume the minory shares have as much value (even ignoring the oprion discount aspect).
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