Independent valuer probably has more on their hand to value then...

Independent valuer probably has more on their hand to value then anyone here. Their valuation post merger is between 29c to 39c. Now, PGC certainly traded at high premium since this announced and that is probably on a hope that this could be something similar to Sig & Chemistwarehouse. However, it looks like CH2 while has high revenue in Billions their margin is very slim (similar to Kmart) and combine business margin will lower PGC margin at a cost of gaining higher revenue (i.e. 2.9% EBITDA/Revenue).

Current share price as it is middle of potential merger price so expecting premium of 20% or even 10% from here on is challenging until and unless the merger concludes and we can see books again and how synergies helped improved margin.