AT&T confirms $107.5 agreed offer for Time Warner Inc – GrowthRater NPV of $102 ps incl 50:50 completion assumption

The initial flurry of newswire headlines (*1. see end of article) seemed to focus on the offer price of $107.50 per Time Warner share, with the narrative that AT&T was overpaying. I disagree. The bid is sensibly pitched. The issue markets should be focusing on instead, is whether the bid will ever reach completion in […]