RE:Market Cap QuestionWhen you talk about a buy out, you have to include the fully diluted # of shares. Fully diluted # of shares for TLT is 216M shares plus all the warrants and vested options. Something like 284M.
When you just take about the valuation of a company during its normal operations, you take the TSO # of shares. TSO of TLT is 216M shares.
That's how the valuation is always specified on the markets.