Did they use the same calculations that they used to value Red?...

Did they use the same calculations that they used to value Red? If they did then both would technically be the same? Even if both are incorrect, I do agree that SLR is most likely worth around 1/5 but is that a realistic number to expect? I.e If I go to a pawnshop and sell something that is valued at $1000 and they offer me $800, why are they offering me $800 and not the full $1000? What's in it for them to pay us full $1000?

I don't hold high hopes that they'd ever offer 1/5 because at that point why would they bother with the merger at 1/5, in the future they most likely would have better opportunities to merge or be acquired on better terms. 1/4 on the other hand I would say is a pretty safe bet and beneficial for both parties involved.

When the deal was first offered the POG was at $3000 now it's at $3600 just on the surface that's around a 15% increase for SLR's assets over Red's assets. They already agreed to 1/3.43 so it makes no sense that they wouldn't agree to 1/4. 1/4 is literally the equivalent 1/3.43 just "inflation adjusted" or POG adjusted, asset adjusted? The only difference in 1/3.43 and 1/4 is which asset values are used to make the deal, past asset values or current asset values.