Reality Check on liquidation valueIf you think the shares will tank with a yes or no, you are a speculator. The assets behind the business will drive the new valuation:
Cash and cash equivalents:
250M + 500M = 750M
Investments
Cardalytics 80M
Mexico Program 500M
Major Liabilities
400M Preferred + outstanding divs (I didn't calculate but whatever)
350M LOC
100M pensions
Net liquidation (theoretical) is 450M or 3.15/ share
no way mittleman accepts. I see at least another 500M cash offer or another $3.3/share for a total of around $6.5/share of value.
Accept the 750M, pay off all liabilites, pay a big dividend and close the file.