Regarding XCD, I would suggest simple questions to ask...

Regarding XCD, I would suggest simple questions to ask (shareholders) are:
1 In principle do we wish to merge in another business?
2 If the answer is YES, is this a good time, or would we prefer to reconsider in 6 months?
3 If the answer is YES to 1 and 2, is the share swap ratio proposed value from our shareholder perspective?
4 If the answer is NO should this aspect be renegotiated or the whole (DW) Buy XCD initiative be cancelled?

If you answer YES to 1, 2 and 3 then you are recommending to complete existing Offer by DW to buy out at the latest terms.
If you answer NO to 1 and/or 2 then DW's Offer should be withdrawn.
If you agree to 1 and 2, but not 3, then BOD should renegotiate share swap terms. Possibly deferred to last Lab Results announcement.
Equally, if we agree to 1 and 2, but not 3, we are recommending to withdraw our offer without further negotiation.

Or something like this. At the moment 88E shareholders are being railroaded into an unwanted deal.
Is there a way to make the BoD listen?

Phrontist