ATC to rebound strongly, page-22

Interesting points about Phone Cards, however what do you think about this:

From an overview perspective, ATC wants to be the FNT wholesale supplier and FNT wants additional markets. OK, makes sense to merge so ATC buys out FNT.

Why buy?

If ATC wants FNT business, why not approach them and do a deal where ATC becomes the wholesale supplier for existing traffic and ATC with the Chinese connections arranges for FNT phonecards in China (on the proviso that all phonecard business go through ATC network)

Hence all are happy. ATC is the FNT wholesale supplier (for existing and new traffic) and FNT has a new market. What does this mean? No need to buy FNT, no need to raise money now and no need to issue more shares. Profits now stay with exisitng shareholders i.e FNT shareholders get no slice of our profits/growth.

Perhaps Im missing the point, but please convince me of the rationale to buy if a deal could be done on the above basis. Why would FNT knock it back, it gives them a massive new market with potential for more growth in China.