Ann: NST: Northern Star and Saracen agree to a Merger of Equals, page-61

Simplistic analysis from a simpleton, p/E nst is 37x, SAR is 27x.
simply wall st has SAR listed as 40% under fair value and NST at 8.6% under valued.

Not sure apportioning the combined company using relative market cap is a fair trade in this instance. Perhaps if SAR first announced they were going to start paying out 50% of earnings like NST the two share prices would better reflect relative value.

No doubt the combined company will do well, however as a SAR holder I'd like to see a better price.