@Campin - The market will almost certainly respond to developments at PLS immediately.  The DML deal has no bearing on PLS.  FIS shareholders own 50% of PLS regardless of whether it's held as an asset in FIS or Newco.  The market won't give you an option on "news" but if you calculate the value of .355 shares of DML and $18M cash into FIS's current float, you'll find that the market is almost giving you a "free look" at PSL.  If PSL turns out to be nothing, you don't lose that much but you get all the upside if something is there.  A number of people on this posting board have been critical of FIS's management claiming the deal was soley for their personal benefit - I don't agree.  It's a very well structured deal in my view.