esg will not go cheaply, page-15

Continual references to a 40% premium or thereabouts seem at least on one view unwarranted.

By way of example look at Atlas's recent acquisition of Aurox.

Joint announcement 6 July 2010:

"The value attributed to Aurox shares based upon the closing prices of Atlas and Aurox shares prior to the merger announcement on 10 March 2010 ... represents a:
173% premium to the closing price of Aurox shares on 5 March 2010 (the last traded price of Aurox shares before the announcement); and 143% premium to the 30 trading day volume weighted average price ("VWAP") of Aurox shares before the close of trade on 5 March 2010."

That sought of approach starts to make things much more palatable.

CJCC