GB Group Ord Shs GBGPF

CMED is worth $30-$43 per share mininum

[MartialArts]

This a great table:
"A. Assuming 3.256M (or less) only elect cash = That's $43 cash for their shares + 0 ACB shares
B. Assuming 6.125M shares elect cash (25%) = That's $22.86 cash plus 1.6 ACB shares
C. Assuming 12.25M shares elect cash (50%) = That's $11.43 cash plus  2.5 ACB shares
D. Assuming 18.375M shares elect cash (75%) = That's $7.62 cash plus 2.81 ACB shares
E. Assuming all 24.5M shares elect cash (100%) = That $5.70 cash plus 3.4 ACB shares
....
A. $43 cash  + 0 ACB shares = $43 in value (possible scenario but unlikely)
B. $22.86 cash plus 1.6 ACB shares = $22.86+(1.6*8.50) = $36.46
C. $11.43 cash plus  2.5 ACB shares = $11.43+(2.5*8.50) =  $32.68
D. $7.62 cash plus 2.81 ACB shares = $7.62+(2.81*8.50) =  $31.51
E. $5.70 cash plus 3.4 ACB shares = $5.70+(2.9493*8.50) = $30.76 (impossible scenario really)"

The math is sound and 100% accurate from my analysis as well! Thanks for posting this stayincash.

Courteous, civil discussions based on published factgs are the only way we can all help each other.

I would also remind everyong that ACB's offer is only an "improved" version subject to change. There's a few swing votes at the table.  The CEO, Golden Opportinity Funds and Senvest are all big holders who are watching this carefully.  Right now, CMED's value is evaluated at less than $650M in market cap which isn't appropriate.  ACB should up it's maximum of $140M cash since it limit 13% of the shares to get full cap without the prorated cash to kick in.

If APH wanted to do a coup to dislodge ACB's current unfavorable offer with an offer than provides a minimum share price that would be better.  So use the $43 figure but guaranty a $43 share swap value minimum and respect the $1.1B offer. 

I really have a problem with Aurora's mode of operation.  They seem to say one thing and so somthing else.  Announcing a $1.1B buyout which today stands at almost half of that!

Having studied the three large players, I feel APH and CMED would be a perfect fit.  ACB is just too speculative with a different "management style". As we are seeing now, ACB is dragging CMED to levels of the original offer which few found acceptable and which some of us found insulting.

ACB negociated the swap when it was trading at $15 highs.