5238 existing shareholders have lost 600 55238 04762

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Unformatted text preview: Total shares after general cash offer = 10,000,000 + 3,125,000 = 13,125,000 Price per share after general cash offer = €72,500,000/13,125,000 = €5.5238 Existing shareholders have lost = €6.00 – €5.5238 = €0.4762 per share Total loss for existing shareholders = €0.4762 × 10,000,000 = €4,762,000 New shareholders have gained = €5.5238 – €4.00 = €1.5238 per share Total gain for new shareholders = €1.5238 × 3,125,000 = €4,761,875 Except for rounding error, we see that the gain for the new shareholders comes at the expense of the existing shareholders....
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This document was uploaded on 02/02/2014.

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