Ann: Merger Presentation, page-53

It looks like they've decided on the relative value of both projects on the basis of the market caps of TMT and AVL at this given point in time (roughly 39:61). This is clearly absurd, and makes no allowance for what might have transpired as TMT hit certain milestones that they have outlined as being in the pipeline (e.g. EPA approval). And since when does it happen that a company gets taken over with just a 10% premium on its SP at a point in the cycle where its SP is at a historic low ? This merger deal really stinks.

All IMHO, DYOR