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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.945-1.1%3:59 PM EST

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To: Michael Burry who wrote (1257)3/20/1998 8:10:00 AM
From: Mayer Tchelebon  Read Replies (2) of 22640
 
The gov't is selling its 51% control, but its only 21.32% of the total pie. So, discounting the control premium, you should divide the gov't proceeds by 21.32% (not 51%) and then divide again by 320.7M to get the amount per share.

example: 20B / 21.32% / 320.7M ~ R292 per share ~ US250 per share

25B / 21.32% / 320.7M ~ R365 per share ~ US312 per share

and so on.
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