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One is the price to tangible book value.
Leucadia is paying about 1.2 times Jefferies's tangible book value, a measure of a company's worth.
G.M. is paying a premium to tangible book value of about $550 million.
Even after rising more than 6% Wednesday, the stock trades at 70% of tangible book value.
That is still less than the bank's current book and tangible book values.
The stock market values Goldman at 0.9 times its tangible book value.
The trust recently reported that its net tangible book value -- not its current value -- is $6.62.
But until the deal was announced, investors thought Wilmington's tangible book was worth twice as much.
At that price, Leucadia is paying 1.2 times the firm's tangible book value, a measure of a company's worth.
Goldman's stock trades at 0.9 times its tangible book value, while Morgan Stanley stands at 0.6 times.
It has a cushion of around $13 billion: the difference between the purchase price and Countrywide's tangible book value.
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