Well Health Could Offer 0.45 per shareManaged to find time to do the math on a potential Well Health takeover of THNK. Based on where the company is trading now $3.70 and considering that some of Beedie capital converts would be in the money and thus convert to equity from debt the math tells me that Well Health could bid 0.45 per share. That assumes THNK 2024 Adj. EBITDA of $6.7M (current consensus) and also assumes Well could extract $2M in cost synergies (though I suspect it could be a lot more than that). If we assume cost synergies of $5M that purchase price goes up to 0.70 per share.
Note that I'm assuming a cash deal from Well, and thus taking on additional debt which would push their leverage from current 2.6x Net Debt / Adj. EBITDA (2024) to 3.3x which I think is entirely doable, especially given THNKS pipeline which could take EBTIDA all the way up to $10-$14M for 2025.
The other potential player here is Telus Health and they are very well capitalized.