I'm going for $265. This is a different dynamic than the Nortel auction. There, the purpose was to get as much as possible for creditors and it had to be cash only b/c the creditors had to be paid. Here, the bidders are like the U.S. Mint or, better even, the Fed. The big boys have the power to create money, i.e., issue stock. This self-made currency permits them to make major offers with only minor dilution and limited out-of-pocket. Think about Apple at $380/share with about 1 billion shares outstanding. Lots of buying power for, "free."
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