Ann: AGM Chairmans and CEOs Addresses and Presentation, page-6

My read on this is a bit different , for full disclosure I was only watching MSP until after the takeover announcement , and have been buying at various levels between 2.8 and 2.3 ave 2.55c. I was also at the AGM yesterday and thought the board seemed credible , and was very impressed with Chris F.
Because of not being involved pre the announcement means I can be a bit more casual in ignoring the spike upto 4+c and am happy to just look at the vwap comparisons for is it a fair price. I think calling for more than 49pct of the company is unrealistic as FFT is a larger company and has more assets . Also expecting more than the 4 to 1 ratio would just result in FFT price dropping more , so not worth it (end result would be the same) .
To me the merger makes sense and seeing how positive Chris F was about it (even though he is not on the negotiating board, he does have a ringside seat) reinforces that