Note the funding is half scrip half cash (which net of CAF's...

Note the funding is half scrip half cash (which net of CAF's cash is a 20m outflow). Diluting $32m at DVR's FCF yield of ~14% and organic growth potential is very difficult to justify, even if you fund $20m with relatively low cost debt, you still have a WACC in the mid teens in my view.

The DTA is subject to fractioning so can only be utilised over a longer period of time, you'd have to take these losses at a discount as a result.

still leaves you buying CAF for a ~6-7% earnings yield while DVR has a WACC of over double that. To justify you would need terminal earnings growth that seems quite unrealistic. Hence the backlash