Who would support an all scrip take over offer for Scrip Co the...

Who would support an all scrip take over offer for Scrip Co the entity that will hold the Mongolian assets of TPD when and if TPD is taken over by STX ?

A deal that valued Scrip Co around half the value of TMK based on the percentage each business holds in the Mongolian venture would make sense .
Would streamline the business and remove some costs and might make things easier in getting a joint venture partner or a future sale of the whole thing .

Doubt that TMK would need to offer a control premium as Scrip Co would seem to me to be a bit of an orphan as a stand alone business .
If it precipitated another competitive offer that would only throw a light on the value of TMK itself .