Two facts from Snap's Q3 10-Q that matter here. First, any deal needs Evan Spiegel: the two co-founders control over 99% of the voting power, and Spiegel alone has a majority. Second, the price tag: about $8.5B of equity at the Nov 6 close of $4.96 (about 1.72B shares), plus $3.42B of notes at principal, against $2.77B of cash and marketable securities. The $2.05B of senior notes carry a change-of-control offer at 101% of principal. https://equibles.com/stocks/snap/documents/db0bbf43-d453-4c65-8465-61ca36857f45

Data: Snap 10-Q and daily prices, processed by Equibles.