I recalculated the FFH total shares.
$10 in cash
$14 in shares at fixed rate of 0.030392 Fairfax/ 1 Allied
$30 in shares at variable rate based on price (currently at 0.068862 Fairfax/ 1 Allied)
Amended deal terms:
$28 in cash
$14 in shares at fixed rate of 0.030392 Fairfax/ 1 Allied
$12 in shares at variable rate based on price (currently at 0.068862 Fairfax/ 1 Allied)
.068862 * (30-18)/30 = 0.0275448 + 0.030392= 0.0579368 (convert rate FFH/AWH)
AWH shares outstanding 87,484,665.
87,484,665 * 0.0579368 = 5,068,582 shares FFH.
23,079,000 + 5,068,582 = 28,147,582 FFH outstanding shares after merge.
Can we expect $20/share book value increase this quarter?
If you use my ratio above: 0.0579368
28 + 420 * .057968 = $52.35, AWH is still fair valued.