revise to 146 million shares fully diluted

Back of napkin

$70 million / 146 million shares out = 48 cents

$18 million cash /146 million shares out = 12 cents

Total cash value of offer and FIS cash value is 60 cents/share

The offer

Today's snapshot

.355 DML = 1.48(.355) = 525 cents

The newco is basically left with the other 50% of the Alpha/PLS deal. Alpha is valued at $37 million.

If the Newco is 1:1 shares out as FIS then the Newco's portion of PLS would be $37 million/146 million shares out = 25 cents.

Going back to the above $70 million offer, $18 million cash, add 25 more cents per share for fair relative valuation.

That's an $.85 target all things being equal.

Newco's holdings are given an 18 cent valuation today given the 78 cent close.

It would be a no brainer if DML were 4.40.

Variables

DML share price

AMW share price