Best to move on for now.
Agree with your conclusions. In 2021, this was an absurd deal. Today it is less clear. The cyclical nature of the textbook adoption cycle also makes me a bit nervous at this juncture.
Upsides are:
management finds better ways to invest the esop float than T-bills.
Dept of labor pressure gets them to update their valuation methods to increase the value of esop shares.
ESOP buyout of public float. Or major ESOP holder conversion to public shares.
Agree with your conclusions. In 2021, this was an absurd deal. Today it is less clear. The cyclical nature of the textbook adoption cycle also makes me a bit nervous at this juncture.
Upsides are:
management finds better ways to invest the esop float than T-bills.
Dept of labor pressure gets them to update their valuation methods to increase the value of esop shares.
ESOP buyout of public float. Or major ESOP holder conversion to public shares.