What I mean is Jako, you are saying the market thinks EXS will...

What I mean is Jako, you are saying the market thinks EXS will trade at 26c post-acquisition, which is a MC of around $90m.

However, you also note they will have $120m of cash in the bank at that point.

If EXS is to trade that low, there is a clear arbitrage. IVA could just come along and offer $120m (33% premium) for the company, pay out the cash to themselves on acquisition and then get the tenements they want for free.

My point is therefore that the market can't possibly apply a 50% value to that amount of cash. Any arbitrage rights itself eventually.