Your Math is wrong Bakken Q3 9 month EBITDA, corrected for the 26 days in Jan. before Windstar went on line was $34,318,767. Annualized it is $45,757,212 (note that this is not necessarily the 20 year average EBITDA that would be projected using a longterm resource (wind and/or sun) estimate, as the ultimate buyer will use).
Divide that by 0.08.
Divide that by a generous overestimate of shares outstanding (I used 73 million).
Subtract $3 per share in debt and Add 60 cents in discounted tax benefits and you get FAR above a total of $0.75. (rememer this is withour Yab.
Want to be more conservative?
1. assume $40 million EBITDA,
2. a 10% cap rate
3. subtract debt and add tax benefit
4. and then don't forget to add Yabucoa, where at closing add $1 to $2/share.
Presumably the other bidders are subject to a CA and a Standstill Agreement because they are part of the Rothschild process and they would be in breach of contract if they made a public bid, prematurely.