what they paid and what they’re worth now isn’t important. Price per share isn’t important. The merger is all about the ratio.
as I demonstrated in my post to you yesterday afternoon, it doesn’t matter what ratio the merger proceeds at their holding of the combined entity is the same.
feel free to read it again here
https://hotcopper.com.au/threads/ann-trading-halt.7752667/page-38?post_id=71382783
Ann: AVL INCREASES SCHEME CONSIDERATION TO BEST & FINAL PROPOSAL, page-59
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