Is this new issuance of stock? Sounds like it with Steinway retiring debt from the proceeds. I'm trying to figure the dilution in EPS weighed against the 16/share purchase price:

$16 share purchase price*1.7m shares issued = $27.2m (of the 193.49M or about 14% debt listed)

Before share issuance outstanding shares:8.60M
Diluted EPS (ttm): 0.42

With newly issued shares:
Shares Outstanding: 10.7m
EPS .35

Looks like the ttm p/e multiple would rise to about 35 and if the above is accurate, using the current ttm p/e multiple of about 30.55 applied to 10.7m shares comes to share price of 10.69.


Any thoughts?