so where are we actually at?, page-13

dwuuuu,

Why would NAB want the deal to proceed? I see two major issues from an institutional perspective:

1. The deal as it stands undervalues the asset. They are capable of comparing transaction and trading multiples.
2. Institutional investors are smart enough to understand that an asset sale is a poor outcome relative to a takeover of the entire company. They will have no interest in holding shares of a thinly traded cash box. They understand that a dollar in their hands is worth a dollar, yet a dollar in the post sale company will be worth at maximum 80 cents.

If you believe otherwise, I suggest you start loading up on the stock. At 25.5 cents, you clearly will be the only one doing so.

The price action seems to be indicative of a deal that will be voted down.