I suspect a lot of CZI holders' will feel that they could have...

I suspect a lot of CZI holders' will feel that they could have got a better deal. However, If you believed in the CZI team and remained in this for the long run (since the acquisition of WMP from BHP), you could have averaged down to such a level that a 16c offer will make you a motza.

Bear in mind that your profit is now essentially de-risked, and the risk moves to OZL. Did the CZI management team leave some money on the table? Probably. Is the risk-reward tradeoff in the best interest of SH? I believe it is.

CZI had no chance to raise the equity to fund their share of development cost. And even if they could, it would likely have come at a coupon that would be value destructive.

Anybody voting against this deal is greedy and has no idea of what an acceptable risk appetite is.