You are forgetting the 1 for 5 MRUO which were worth 1.25 each so add another 25c to your calculation.
Incidently now worth 1.74/3 (MRU) + 1.50/5
= 58 + 30 = 88 c per share. That means MAV is trading at a 32% discount to current value (assuming the merger goes ahead.)
What is also very interetsing is that there are virtually no sellers in either company.
