The market today values AMA at 98c or 12c above the 86c offer price. On 531m shares, that means the implied valuation of the rump business is $63m, a small fraction of the $192-214m the directors say the ACAD business will be worth. The directors may have plans but it's the market which decides the worth of those plans, and so far the market is treating this like a dog.
AMA reorganization, page-3
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