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I think BA made a final offer some weeks ago - “out of our hands”. He is now threatening to walk away. so I think this is about valuation. I think he has more to lose than target here. Target knows another spac will come along, ipo also an option.
A SPAC with 5B? that would take another 5 months to IPO, and reach a DA. Bill said Valuation is not the issue. Valuation doesn't make a deal complex, and was likely determined early on.
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Valuation is always a problem. Look at what happened in the markets last few months. This is probably a family run business and these guys can be stubborn as mules if they still think in terms of peak valuations. he said it’s out of our hands. What else could it be?
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Capital structure. Bill said the problems are not valuation related when interviewed by WSJ.
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