Ann: Demerge of ACAD and Blackstone to acquire Panel Business, page-3

$508M for the panel business, excluding the procurement arm.

Management believe ACAD will be worth 32-36c per share, valuing it at $168-$189M. That puts the value of AMA as a whole up to $676-697M, or 22-26% markup on current market value.

It will be interesting to see how much of that bump we actually see in the share price; essentially how believable is managements valuation of the ACAD business? To value it independently you would need to be able to split the procurement cash flows out of the existing panel business, and add that to the existing ACAD arms. Anyone seen any info on what those procurement numbers might look like?