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The strategic alternatives process is likely nearing conclusion, with potential tender offer for 100% of Steel Connect.
Sale of Steel Connect’s businesses (IWCO Direct and ModusLink) and monetization of the company’s valuable $2 billion in tax assets (NOLs) could unlock $6.00+ per share in value.
Combined company, with ~$2.5 billion of NOLs, ~$350-400mm in EBITDA and ~$250-300mm in FCF could be the largest and most valuable public NOL platform in the world.