Not sure about PBG asset valuation I just follow the rule that market is always right (for whatever known or unknown for me reason). I assumed that before the announcement market was valuing PBG shares at the same price as PBN (just look at the charts). For whatever reason PBG assets were not valued by Ms Market. I am not strong and rich enough to dictate MS Market the asset valuations and just assume that there is a huge risk that market may treat new PBG the same way as before but  now without PBN.  Today PBG is 1.143 of PBN by the way.