QGL has a Measured resource of 59,000 tonnes of GraphiteLML has...

QGL has a Measured resource of 59,000 tonnes of Graphite
LML has a Measured resource of 60,150 tonnes of Graphite
Both QGL and LML have approved mining leases.
QGL has 757K tonnes of measured indicated and inferred resource but not a lot of exploration potential.
LML has 519K tonnes of measured indicated and inferred resource and with the Koppio Drilling Results that is now probably about 619K Tonnes

LML has sunk around 130 Holes into the Kookaburra Gully Extended area and has never released a JORC Reserve.
The exploration upside at LML is an order of magnitude higher.

QGL has a decent market cap that brings it significant capability and flexibility.
Yes QGL is further down the development road than LML, but LML having that mining lease approval and a measured resource puts it years in front of many other competitors.
I have no doubt that if the two companies worked together there is a huge amount of Synergy, but that has no chance of succeeding unless there is a fair offer on the table. The offer as it stands fails on multiple levels, the most obvious is that it only covers LML shares and not LMLND. Even if QGL acquired 100% of LML shares it would not meet the 50% threshold. Both companies have a great chance of making the big time, whether they do it together remains to be seen.