In the firm’s quarterly letter to shareholders, David Einhorn’s Greenlight stated in part: "[Black Knight] BKI shareholders agreed to sell the company to IntercontinentalExchange (ICE) for a package of cash and shares worth just about $75 per BKI share [but] the FTC sued to block the deal… We estimate a conservative value for BKI in a deal break scenario to be $51 per share. We acquired our stake for an average price of $60.59 per share. BKI shares ended the quarter at $57.56, implying just greater than a 25% chance of the deal succeeding. We handicap the odds at closer to 75%."
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Published first on TheFly
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