Originally Posted by Schwanker

NK market cap is where it is in hopes JB does come through and grossly overpays to retire NK stock. As you said, NK valuation would be significantly less if it wasn’t for this potential windfall. Next, JB has to finance that debt at market rates which is significantly higher now than it was when JB put this deal together. Likely least of 2 evils is to cut the 400M check and run away.