RE:Hostile Takeover CASH IS KING!!
If there ever was a time for Cyrus, or another investor, to make a move here now would be the time.
Cyrus owns ~45% of $HWO as currently structured. As such, 45% of the cash hoard is theirs.. what would the additional capital requirement be to purchase the remaining 55%? Pretty immaterial IMO!
Cyrus could make an offer in the $2.50 range - call it $122M, of which they would offset with the $45M of cash on hand. So true capital requirement would be somewhere in the $77M range. They could further sell-off the remaining Cdn business + Team Snub = $10M+ IMO.
Does Cyrus have the capacity to pay up for $70M for PNG? PNG could do $40M of operating income/year in the coming years... pretty good risk/reward IMO.
Maybe this proposed PNG spin-out is all smoke & mirrors? Certainly they've been dragging their feet on releasing the circular... something could be up.
^Pure speculation