3 things matter, quality of the asset, price of the asset,...

3 things matter, quality of the asset, price of the asset, relative valuation of NNG. Dilution only matters if control of the combined business will have an impact on success. If the acquistion is 20X the size of the acquirer then control is going to the target anyway, the original holders have no influence on the outcome and so the quality of the asset will dictate upside for the minority holders. There's no recap to be had here. NNG without the drag of the transaction costs can just trade on.