Hi
It's anyones guess what the new entity will open at but, its a 100 million dollar company with established income streams and RTE is a high profile world leader in the industry. It will also largely depend on the structure of the new entity and how the merger is funded. The first step will be approval from ASX then the company will confirm the approval from the ASX, MSM will commence re-trading until a prospectus is produced and the shareholders get a chance to vote on the proposal.
It's anticipated there will be a rush to buy MSM on open with high volumes so the opening price is just the starting point and not that relevant.

The other thing to consider is that RTE would not be risking a 50 million company merging with a minnow like MSM unless there was considerable upside for RTE and serious $$$ to be made in a publicly listed company.

Lets hope the merger get the nod from the ASX because the new entity will become the darling of the ASX!

DYOR