I'm just wondering what the $5.40 share price actually means.
Sky/Vodafone could have just as easily have announced that the new shares were valued at $100 each and that Sky was paying $400 billion for Vodafone.
The $5.40 seems like a made-up number intended to inflate the value of the offer. It's not like Sky or Vodafone (who's taking over who) is actually paying $5.40. It's just a paper transaction.
At yesterday's price of $4.47 it's really a takeover/merger valued at $3,060 million. Or at $5.40 it's $3,437 million. I guess the market will decide in due course.