ACL Take Over Proposal Wishful Thinking, page-15

Thanks@KptnNemo, think I understand your thinking. It can be argued that the pricing of this "no premium" deal is potentially skewed a bit towards ACL investors when comparing with other data points (as pointed out by the HLS BOD also). More broadly if an investor owns HLS shares and doesn't hold ACL shares you'd expect that they feel HLS are currently more undervalued than ACL, therefore getting 90% acceptance of the deal seems particularly unlikely if the deal was to stay as proposed. Even if the combined business is to be of benefit to both sets of shareholders, I'd still be pushing hard for a fair valuation. I'm just not sure that HLS shareholders will see this as a fair valuation, however valuation is particularly subjective and assuming the market value is "correct" can be dangerous.