Scale of the market reaction...The market is effectively saying in a 10% haircut to a $50B market cap that the previously astute ATD management has put $5B of the $15B it is offering to shareholders of Carrefour on a massive barge, launched it onto the Seine and then set fire to it.
But, in the quite likely event that the deal doesn't happen, that $5B will be coming back in short order and I want a piece of it. If the deal does happen, then $5B will just take a little longer to come back.
I mean, it's not as though they've just made an offer to a start-up claiming they've found ambergris on Uranus, is it?