Ann: Andromeda and Minotaur to Combine, page-279

I am not so sure about how to judge the dilution and timing of the transaction:

if, like wombat777 pointed out, you get 33% more gw-cashflow for a 19% share in the company, does that really dilute your earnings per share once you produce?
now if adn would have waited with the bid, mep would have valued their 25% on the new dfs being considerbly higher than the old one. If i understand it correctly, mep is only obliged to pay its part of the cost on the basis of a dfs. And it would have been an unfriendly action with mep surely trying to defend their interest. Delay as a tool to negotiate is perhaps played by mep in the past, as some of this thread suggest

so the dilutional eff3ct is only as lomg as we do not earn money, afterwards it is not delutive.