KryptonResearch14
$LNTH
Lantheus filed supplemental proxy disclosures ahead of the Oct 14 shareholder vote on the Curium buyout, and the numbers inside Morgan Stanley's fairness opinion are worth a look.
Terms: 102.50 in cash per share, plus a contingent value right worth up to 12.00 more across eight sales milestones.
Morgan Stanley's DCF put standalone value at 88.10 to 118.60 per share. Its public-company comps analysis came in lower: 63.85 to 84.20.
So the 102.50 deal price sits mid-range of the DCF but above the entire comps range. The Street's own targets (98 to 129, twelve analysts) put the bid in the lower half of their band.
One structural note: the merger needs a majority of all outstanding shares, and abstentions count as no votes. Watching the vote count, not just the price.
