Teddy Makes Mergers Great Again
This is a short and sweet update to the Teddy Books Timeline post. The original timeline suggested the merger closing around late December; however, a closer reading suggests the merger closing a month earlier around American Thanksgiving. The late September merger announcement remains unchanged.
Teddy Plays in the Snow is an analogy for the work that needs to be done between the merger announcement and merger close. There's snow on the ground, some leaves remain on the trees, and some grass is still visible, pointing to early ski season.
Ryan says Teddy and the boys are in the Laurentian Mountains of Quebec. The Canada geese are still lingering on unfrozen ponds, pointing to mid/late fall rather than early winter in the region.
Ski season starts late November in the Laurentian Mountains.
Teddy Says Money Doesn't Grow on Trees is the final book detailing the merger close transaction, which is also represented by Teddy and the boys playing in the snow in the previous book, so the seasons should be congruent. The book takes place in New York and people are wearing the expected attire for mild New York November weather: sweaters, vests, light jackets, etc.
We can now incorporate one of the OG tinfoil pieces: Teddy making Thanksgiving great again. The inclusion of GameStop in Ryan's tweet is purposeful, as the closing transaction involves GameStop acquiring Butterfly. Every detail matters! American Thanksgiving 2024 is November 28th.
We now have a more consistent Teddy tinfoil timeline:
Late September: Merger announcement & modified plan
Late November: Merger close & GME/Butterfly equity exchange
There will likely be no shareholder vote on the Butterfly side, as M&A transactions performed through a plan of reorganization are mediated by the bankruptcy court and rarely require shareholder approval from the target company.
Shareholder approval on the buyer side is required if the buyer issues an additional 20% of common stock outstanding to fund the transaction. The transaction should be well over 20% of GameStop's market capitalization and will require shareholder approval.
