RE:Waterton II
The market cap of KLDX is $253m today.
Waterton received $80m cash from KLDX in 2016. in consideration for Hollister.
With that $80m cash received from KLDX's 2016 shareholders, Waterton could purchase 30% of KLDX today and still have cash to spare.
Therefore, there seems to be plenty of scope for Waterton to obtain an effective controlling stake in KLDX, thanks to Huet's generousite in 2016.