Ann: Commencing Preliminary Discussions, page-32

After reading through all the posts on HMX and CNB site, I come to the conclusion that the perception of the two camps are quite different.

The key question is whether this is also the case with the 2 managements and the top holder.

If this is the case, I don't think there will be a merger among equals.

Either way, the market has become aware of the situation. We will see in the next few days what the market's "perception" is in this context. If there is a divergence in the performance of the SP of HMX and CNB, i.e. the SP of HMX outperforms relative to CNB, then the perception of HMX shareholders (and Dan) would have been correct - or vice versa.

That will be interesting to see.

If both companies were evaluated with the exact same strict criteria - I think - the market capitalization should be more on the same level.

A merger would make a lot of sense and in my view would unlock some synergies and new potential. For all shareholders. But I'm afraid that the CNB side thinks it could be doing the math without the landlord. In the truest sense of the word.

If no deal materializes, this could possibly lead to a re-rating. As a CNB shareholder in particular, I would have a few thoughts (in a negative sense).

I am curious to see what we might read in the media in this context over the next few days (* etc.).

A storm in a teacup - so far. At least the HMX SP has risen. Far too little in my view. Good night and DYOR