Jul. 16 at 8:06 PM
$FWDI’s rejected
$HSDT bid shows how an all-stock acquisition can work even when the buyer trades below NAV.
FWDI offered 0.386 shares for each HSDT share. At the June 3 closes, that was worth
$1.63: a 10% premium to HSDT’s
$1.48 price.
But the underlying asset exchange was nearly flat.
Each 0.386 FWDI share represented about
$2.25 of residual common NAV. HSDT contributed about
$2.22 per share.
Pro forma, FWDI common NAV per share would have declined only about 0.4%, while SOL per share would have declined roughly 1.0%, before any staking, cost or liquidity benefits.
The deal could pay HSDT shareholders a market premium without transferring much underlying NAV because both wrappers traded at discounts.
That—not the headline offer premium—is the acquisition math DAT shareholders should watch.
