HCG sale price Normal purchase is 1 to 2 times tangible book value : $ 23 to $46
Less committed (100m) + maximum 1yr interest on 1B drawdown (100M) + 1B assured interest (23M) = 223M = $3.4/sh
Case : $19 to $42
Add in 1Billion drawdown for business :$15/sh
Case: $4 to $27
Add in cash at hand : $1.2billion: $19/sh
Case: $23 to $46
My prediction is HCG gets acquired between $17 to $27