EFTA02492471.pdf

From: jeffrey E. <jeevacation@gmail.com> Sent: Wednesday, July 29, 2015 9:48 AM To: TOBIANO, Cynthia Subject: Re: Test if, what he says is accurate , IF !!, =AO and it earns 100 mi a year moving Toward, without synergies, =AO it seems possible to get to 1.5 On Wed, Jul 29, 2015 at 5:44 AM, TO=IANO, Cynthia wrote: Doing the maths so not yet there Was looking at it from the end ie how much he wants, what it means in terms=of synergies to understand how realistic it is... i am not convincing lot =f people in line for it so 1.5bn seems high De: jeffrey E. Envoye: mercredi 29 juillet 2015 11:37 A: TOBIANO, Cynthia Objet: Re: Test we will never know until there is a real offer and acceptance, =C2 I think an offer that looked like a purchase. inst=ad of a merger, but carried with it more of a merger like payout, .=with a suitable balance of security , liquidity, etc. would work .=C2 and caution, even if you offered a large number to start= he coulld not help himself to always ask for more. do you rea=ly think the synergies are that high? 2015-07-29 4:27 GMT-04:00 TOBIANO, Cynthi gree Thinking about price, does he think he can get the 1.5? Not a lot of p=rtner could yield 500M of 50% synergies... De: jeffrey E. Envoye: mardi 28 juillet 2015 18:18 A: TOBIANO, Cynthia Objet: Re: Test re kbl. I can help advise you and ariane. I do not really=bring much value, I can help structure, give you insight= into their thinking but frankly not very complex. not fair to=charge. as really the key will be the team„ 2015-07-28 10:58 GMT-04:00 TOBIANO, Cynthia Ensemble adoptons des gestes responsables : N'imprimez ce mail que si n=C3 cessaire. EFTA_R1_01615321 EFTA02492471 Ce message et ses annexes sont strictement confidentiels et établis =C3 l'attention exclusive des destinataires prévus par l'ex=éditeur. Si vous n'êtes pas le destinataire de ce message, n=us vous remercions de le détruire immédiatement et d'en aver=ir l'expéditeur. Toute utilisation ou diffusion non autorisé= de ce message et de ses annexes est interdite. Tout message électron=que est susceptible d'altération et son intégrité ne pe=t être assurée. Edmond de Rothschild (France) ne pourra être tenu pour responsable des=erreurs ou omissions contenues dans ce message. 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If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved 3 EFTA_R1_01615323 EFTA02492473