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The only possible reason would be a huge takeover premium.
The takeover premium is not much to shout about.
Kabel Deutschland trades at 8.7 times Ebitda, before any takeover premium.
Some parts, like its software business, could attract a takeover premium.
And a stand-alone Caremark might attract an additional takeover premium from a pure-play rival.
Well, OK, it might be worth paying a modest takeover premium for that.
The company would cost around £1bn with a takeover premium and including debt.
That suggests Mr. Malone is paying little in the way of a takeover premium.
Assuming a 20percenttakeoverer premium, Target would be almost $40 billion.
Factoring in a decent takeover premium meant that the deal could have cost well over $13 billion.
When you buy a publicly traded company, by contrast, you typically have to pay a steep takeover premium.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com