Ann: Merger Presentation, page-285

Chipping in here. I personally think it should be about 15:1, which is a 60% premium to the ratio of the 100 day average price of each stock respectively.

Having said that, I agree with another poster, where it should be a fixed cash offer, so that TMT holders are not subject to price fluctuations in AVL between now and whenever the merger is executed, this is a risk which should not be pushed onto TMT holders. AVL should raise the money, and the market will reflect whether the merger is a good idea or not by changes in AVL's share price, and such volatility should not influence how much money TMT holders will get. TMT holders can then use their proceeds to buy AVL on market, if they want to entertain the new entity.

As a fixed cash offer, we should be getting 46c per share.