Well the share price is saying the merger it isn't going to happen.
The current price of $1.90 implies a MMS price of about $10.20 ($0.46 plus 0.1414 x $10.20 = $1.90). MMS is currently $12.30
Alternatively perhaps a reviewed price of $0.46 cash plus 0.12 shares in MMS for each ECX share held = 0.46 + $1.47 at MMS = $12.30. Or even 0.1414 MMS @$12.30 plus only $0.16 cash.
It's pointless working through the various possibilities for a new proposal but the point is that it looks like no one believes the original one will stand.
Well the share price is saying the merger it isn't going to...
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