Well the BoD made the current deal prior to the POG hitting...

Well the BoD made the current deal prior to the POG hitting ATHs, at which point any competent BoD would reassess and revalue the proposed merger (that was made in different economic conditions), to the current economic conditions. If the BoD still decide to use the old economic conditions instead of the current economic conditions then that just shows that we have an incompetent BoD.

Since SLR has clearly benefited / will benefit a lot from the POG hitting ATHs while RED will not, then the underlying fundamentals of the merger have changed. One would assume that it is actually now in the benefit and interests of ALL SLR shareholders (institutions and BoD included) to vote no so that SLR can renegotiate a new and better deal for all shareholders. I fail to see why they wouldn't want to do so, if the institutions and BoD hold the largest positions in the company then they will be the ones to lose the most from the current deal.

With the new economic environment SLR has the leverage and negotiating powers to ask for a better deal from RED, why settle for 1/3.43 when you can easily ask for 1/4? In the current economic environment this is an entirely reasonable ask and would still be a good deal for RED. All SLR shareholders should vote no to force the BoD to renegotiate better terms for all SLR holders, if they aren't already. Once they've negotiated a fairer deal that makes more sense to the current economic environment then all SLR shareholders should vote yes, but as it stands all SLR holders should be voting no.