BSC equity is valued at $650 mill on the close. JPM went up 10% - a gain of almost $13 billion. BSC is trading way above the JPM bid price, implying another bidder coming into the fray. If BSC equity is worth $13 billion to JPM, then shouldn't it be capitalised at a hell of a lot more than $650 million? Is there a relative value opportunity here - short JPM go long BSC?