The fact that they are, at least in public, stating that there will be no layoffs doesn't exactly make it sound like a great deal.

Demand in this case is relatively fixed, material input costs are largely outside of the control of the company, so about the only thing they can improve on would be internal costs, mainly wages.  If they aren't making any cuts there then there is no extra value, so as you note, why the 24% premium?!?