Getco - Knight arithmetic
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Valuation
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Knight "real" value (per share / pct TBV)$3.0092%$1,094,108,239
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Getco "real" value (pct of TBV)100%$735,077,845
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Less cash out$539,000,000
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Newco TBV$1,290,186,085
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Value per share (basic)$3.26
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Value per share (fully diluted)$3.26
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Blended value for KCG holders$3.38
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Premium to TBV$3.263.64%
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Premium to Friday close$2.4935.73%
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Premium to Tuesday close$2.9713.80%
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Premium to Knight "real" value$312.66%
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Share count
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Common 181,892,655http://www.sec.gov/Archives/edgar/data/1060749/000119312512462994/d400391d10q.htm
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Pref @ conversion ratio666.667http://www.sec.gov/Archives/edgar/data/1060749/000119312512462994/d400391d10q.htm
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Total shares274,215182,810,091http://www.sec.gov/Archives/edgar/data/1060749/000119312512462994/d400391d10q.htm(p.19 on conversions)
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Getco85,31356,875,362http://www.sec.gov/Archives/edgar/data/1060749/000119312512482911/d445447dsc13da.htm
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Other188,902125,934,729
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Diluted shares364,702,746(pref underlying plus common)
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Getco56,875,36215.59%(note filings show 23.8% because don't count non-Getco prefs)
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Non-Getco307,827,38484.41%
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Tangible book value
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Assets$8,585,854,000
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Less goodwill$218,600,000
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Less intangibles$68,170,000
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Liabilities$7,109,766,000
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TBV$1,189,318,000
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TBV / basic share$6.54
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TBV / diluted share$3.26107.33%
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Getco offer
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Getco holders gethttp://www.sec.gov/Archives/edgar/data/1060749/000119312512482911/d445447dex996.htm
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Shares242,000,000
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$4/4yr warrants$4.0023,000,000
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$4.50/5yr warrants$4.5023,000,000
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$5/6yr warrants$5.0023,000,000
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Getco retires56,875,362
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Shares now outstanding549,827,384
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TBV$3.50$1,924,395,845Getco offer says TBV is $3.50/share after merger
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--> Getco TBV$735,077,845
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Other shareholders sell (@)$3.50154,000,000$539,000,000
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Other shareholders keep153,827,384
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Basic shares post-deal395,827,384
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Getco shares242,000,00061.14%
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TBV of remaining company$1,385,395,845
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TBV per share$3.50
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