barneyw,
A BPT TO of DLS is going to be great in the long-run the only problem is that the offer was crap!
Look at NAB and Aviva - two things;
1. Correlation
2. Synergy
BPT and DLS are totally 'hand in glove' what we need is a decent offer! My calculations put a revised offer at 1 BPT share for every 10 DLS (rounded)