Second Thoughts After writing the preceding post I realised the there is another way to make the calculation. So here goes. The $18MM cash is divided amongst about 266MM total shares in the 2 Spinco's post merger. That is 6.5 cents cash equiv per share overall to be added to the $2.05. If that 6.5c represents just 10% of the value of the two spinco's (based on AUX's ownership) then GWY share is worth $2.70 post merger This measure makes no real assessment of the property values held by each Spinco but it does represent a probable MINIMUM valuation post merger.