merger details out, page-193

Serendipity, good observation. A higher share price automatically raises the value of the deal, which reduces the likelihood of (or need for) other bidders.

Hotfire's prediction of 50-52 cents for TXN would appeal to many of us, I think. Even if that's below a holder's purchase price, they would have the potential for further gains as SEA shares (whereas a cash deal is fixed).

A 50-52 cent share price before the merger is within reasonable expectations (even without counter bids). If SEA climbs to $1/sh, that would equate to 50 cents for TXN without giving any value for Talon.

$1/sh for SEA is below the $1.05 average target price among the four analysts covering SEA. All of these target prices EXCLUDE the value of TXN's EFS assets. I think one poster mentioned that analysts would reset SEA's target price above $1.60 if the merger proceeds. (My recollection is vague, so be careful with the $1.60 figure.)

Incidentally, Bell Potter's updated SEA report last week maintains SEA's target price at $1.15/sh. That target EXCLUDES the merger value (which Bell says would be accretive) because of "the long time frame and the risk that an alternative bidder emerges for TXN."

As always, these are just my thoughts, so please do your own research.