AMD ostab ATYT - tehingu tingimused
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Olulised kohad pressiteatest on alljärgnevad:
“Under the terms of the transaction, AMD will acquire all of the outstanding common shares of ATI for a combination of $4.2 billion in cash and 57 million shares of AMD common stock, based on the number of shares of ATI common stock outstanding on July 21, 2006. All outstanding options and RSUs of ATI will be assumed. Based upon the closing price of AMD common stock on July 21, 2006 of $18.26 a share, the consideration for each outstanding share of ATI common stock would be $20.47, comprised of $16.40 of cash and 0.2229 shares of AMD common stock.
The transaction is subject to ATI shareholder approval, Canadian court supervision of a Plan of Arrangement, and other regulatory approvals including merger notification filings in the United States, Canada and other jurisdictions, as well as customary closing conditions. In the event that the transaction does not close, ATI has agreed to pay AMD a termination fee of $162.0 million under circumstances specified in the acquisition agreement. The transaction is expected to be completed in the fourth quarter of 2006.”
Praegu hind võrreldes reedega (sulgus 18.26 peal) umbes pluss 18% 19.35 peal, mis on mingi 4-5% allahinnatud võrreldes väljakuulutatud tehingu väärtusega.
Küsimus on, et mida see allahindlus õieti väljendab? Kas siis tehingu mingitel põhjustel ärajäämise riski või põhiliselt ajaväärtust (eeldatavalt võtab closing aega kuni 5 kuud) või AMD aktsiaväärtuse languse võimalikkust või kõike seda koos? -
risk peitub siin: 0.2229 shares of AMD common stock. See tegelikult kõigutab ju lõpliku hinda ;)
muidugi ka selles, et äkki tehing ei toimu, aga see väikse tõenäosusega
