Q: Based on Shell's offer, is $31 "the right price" if one were to sell ARX ? It seems to be trading in a range of $30.90 - $31.99 at time of writing. Is it actually possible to narrow down that range to what shares should be worth at this point ?
5i Research Answer:
At the time of this answer, the deal value is "worth" $32.34 and the stock is trading 4% lower than the value of the offer. This reflect deal risk plus time to closing. There is always some risk, and the close is months away. We would see $31.10 as a fairly accurate picture.