Market watch reports (Sept, 2019) that the London Stock Exchange swats away $37 billion Hong Kong offer. I have several questions.
- Who decided to sway away the offer?
- Do the deciders benefit when they swat away the offer?
- Do the shareholders benefit when the deciders swat away the offer valued at $37 billion when the company's current value is $31.4 billion?
- Does your answer depend on the costs the firm incurs to accept the offer and the probability regulatory agencies stop it?
- Does your answer depend on probability that the offer spurs additional offers for other suitors?
- What is the best way to measure the value of the HKEX stock that makes up 3/4 of the offer: the price buyers and sellers strike in open competition or the opinion of the deciders.
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