I own both, but DYL is my larger holding so its getting some bias for me. I dont think it was a terrible offer but yeah probably favours DYL a little.
I think 34/35c would be a sweet spot. Both sides give up a little, thats the sign of a good deal.
DYL is currently 400m MC. At 34c, that puts VMY at 350m MC.
VMY/Mulga Rock needs proven management to realise its true value. You can't get much better than DYL for a track record. Even at a modest premium, the value accretion would be fantastic for all holders, DYL and VMY.
It looks like a potential "Sum is greater than its parts" situation to me here.
Separate, they are both worth less. Together, 1+1 = 3
VMY Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held