"a merger" (?)
the companies may have similar market caps and owners, so superficially logical, but highly unlikely to merge as reward has so much untapped potential and upside, so how do you put a price on the reward sop process? ruane and brooks are the people who would have the final vote on any such proposal and we know how ruane values his own baby (the process).
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-20
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