Not exact matches
That would represent a premium of close to 30 % of the price of Tribune Media
shares on Feb. 28, the day before Reuters broke the news that Sinclair had
approached Tribune Media to discuss an
acquisition.
The merger terms represent around an 18.9 percent premium to Worldpay's closing
share price in London on July 3, a day before the payments firm announced that it had been
approached for an
acquisition separately by both Vantiv and JPMorgan Chase.
Second, 0 % interest rates and excess liquidity from Quantitative Easing made it attractive for companies to grow their earnings per
share via
share buybacks and
acquisitions rather than the riskier investment
approach.
Calculating intrinsic value is a far less simple
approach — one needs to factor in the dilution from the Polygon
acquisition shares &
share options, assess the true value of the asset management businesses, and perhaps include an eventual unwind of the ALR.
Frankly, there's a binary outcome here: a) if they can't deliver 10 % margins again soon, it's impossible to argue it's still a core asset — it's better sold off (and should have the rarity value to achieve a decent price), with the proceeds ploughed into
share buybacks, or b) they finally get back on track &
approach / exceed 10 % margins (notably, this year seems to be shaping up well)-- then, I think they could certainly justify / sustain / support margins by expanding the business via
acquisition.
Helfenstein then
approached the Zilkhas, who had previously helped the Museum of Fine Arts, Houston make two joint
acquisitions: Nan Goldin's 2004 video installation Sisters, Saints, and Sibyls, which the MFAH owns with the Solomon R. Guggenheim Museum in New York; and William Kentridge's 2002 film Zeno Writing, which the MFAH
shares with Atlanta's High Museum of Art.