I dont believe there are any significant synergies between UNV...

I dont believe there are any significant synergies between UNV and TER except Board consolidation and listing expenditure of 2 vs 1 entity.

Normally in a merger the entity getting taken over would expect to be given the lions share of synergistic benefits however in the case of TER and UNV - due to their geographical distance there is not in the way of using the same channels for operations/sales etc.

The combined entity's benefit is higher stability of revenue with South African coal targeting India and Australian coal targeting Japan, Vietnam and Korea - all the regions which are slotted for significant increase in consumption of coal in the near future.

UNV were targeting the internal African market and I have to understand in detail why they were doing it instead of targeting the sea borne market primarily (may have something to do with the RAND exchange price vs USD)

Anyhow - I'm off the opinion that TER would not pay a massive premium over current UNV SP - (dont expect it to be any more than 10-15% from the current SP - or the SP could be bought down with some opportunistic selling - yeah happens all the time get over it UNV holders)

The geographic diversity is good for both companies. The combined entity would rocket...