NES will be sold for $45M, including assumption of $20M debt.
That leaves $25M
$25M ÷ 16.21M outstanding shares
= $1.54 per share
& that $ will be exchanged into Select's shares.
yes, $1.54 is a premium over yesterday's closing price.
but, it no way justifies this morning's run up to over $3 per share.
any price over $1.54 per share will be over its value, because share value is capped by $45M sale price
am I missing something?