mmm...this is more complicated than dealing with my ex-wife. In a nutshell SVW sold 52.3% of Seven Media group (SMG) to KKR for $3.2bill in 2007. SMG then had debt of $2bill. Now less than 4 years later it's being sold to WAN for a enterprise value of 4.1bill. I love you Kerry! Below is a list of people getting screwed from the most to the least, 1. KKR (not all bad considering the Ozzie dollar has strengthened over last 4yrs) 2. WAN shareholders (shhh don't tell them about the $400mill deferrred tax liability in SMG) 4. SVW shareholders (other than Kerry) 5. Kerry Stokes (of course) Cheers, hih P.S. feel free to disagree
WAN Price at posting:
$5.28 Sentiment: Sell Disclosure: Held
