Re: Colt/L3
I'm surprised COLT gave detailed FCF guidance. They omitted it for the past couple of Q's and didn't have their regular conf call for Q1.
Perhaps management does feel FMR's price is really too low as it relates to their option payouts.
I don't think we'll see anything till after the actual Offer is posted. At 120e FCF for 2016 vs 2.4bn current mkt cap, the valuation seems fair enough for an inconsistent performer - under normal, nonbuyout circumstances.
So back twiddling my thumbs, 4+ months more of waiting... (2 weeks for offer, 3 months for tender and any other offers, 1 month for tender to close or not close)