In Philip Durell's answer to Michael Olsen concerning LTD retaining a minority interest in The Limited and Express he mentioned imagining if LTD retained an equity interest in ANF. The comparison is not applicable. ANF was spun-off and shareholders received the full value of ANF and had the option to keep 100% of their interest in ANF. What he really wants to say is "imagine if Limited shareholders kept their ANF shares from the spin-off". In this deal, The Limited and Express are being sold for cash and assumption of debt. The value of the deal comes from the reinvestment of that cash, improvements to return on assets and the possibility of the stand-alone Limited and/or Express chains recovering. The only cash that shareholder's receive from the deal are those shareholders who sell stock back to LTD and the benefits of the reduction in shares.
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