I have no idea. Looking through a Herbert Smith Freehills M&A...

I have no idea. Looking through a Herbert Smith Freehills M&A guide they have the following table which is quite interesting.


So based on the above, in a hostile TO situation, there is an 83% chance that a deal would be at greater than a 20% premium to the current price, and a 30% chance that the premium is >50%.

So doing some quick numbers, and using todays close, it could look something like the following if a TO were to emerge tomorrow: