How should reverse break-up fees be valued?

If we were to assign reverse break-up fees an actual market value, such fees would constitute a bull market. How long would it be before banks started making markets in options and swaps on such fees? TheDeal.com notes that there are some who indeed think that target companies should value such fees more along the lines of a put for buyers. That put would be quite pricey in the current environment, and it might do a better job of dissuading buyers from walking away. Recall that Cerberus was able to walk away from its deal for United Rentals by simply by paying a $100 million reverse termination fee. So far, we haven't seen a rush by boards of selling companies to change the model. But lawyers in the field are more supportive of the put concept, and may be able to persuade more clients.  

For more:
- here's TheDeal.com article