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Technology Stocks : Spansion Inc.
CY 23.820.0%Apr 16 5:00 PM EST

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To: BUGGI-WO who wrote (3698)4/2/2008 10:27:13 AM
From: Joe NYC   of 4590
 
Buggi,

I really don't know, why Numonyx should be worth more than
SPSN, which is at 160x2,8 = 450Mio. right now. So, Newco is
now (roughly) 2400/450 = 5,3x higher valued than SPSN. For me
at least thats only crazy.


We are deriving Numonyx value from the money Francisco Partners paid for their stake. Another way to look at it is that Francisco Partners made a foolish move. If I was the general partner at Francisco Partners, I would have come back and asked 15% to 30% of Numonyx for $150M.

Joe
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