That said some reports this morning are suggesting that the IAG bid valued EI at €1bn, which given that the company's gross cash position (the amount of cash they hold before deducting any debts) is over €900mn makes the valuation extremely low and, IIRC not too far off the old FR bid of some time ago.
Eh ?
Its like saying your house is worth a million but the mortgage is 900k, what you get out of it is 100k, not the million.
Also remember EI has to fork out €190 million.
Valued after taking account of debts so its the net cash that is of interest.
Think valuation is a bit on the high side but then again companies borrowing lots to buy stuff as yet another merrygoround takes off.