The announcement that Blue Ant Media ($BAMI) intends to acquire Thunderbird Entertainment ($TBRD) for C$1.77 per share presents a complex scenario for shareholders. While the offer represents an ~11% premium to our recent analysis entry point of C$1.59, it falls significantly short of the intrinsic value targets previously modeled (C$3.20+).
However, a deep dive into the deal structure—and specifically the heavy-hitting backers involved—suggests the “multibagger” potential originally identified in Thunderbird may still exist. It has simply migrated to the combined entity.
Below is an analysis of the deal dynamics, the “Fairfax Factor,” and the risk-reward profile for shareholders who choose to convert rather than cash out.