Even if the FAS/GWR takeover doesnt go ahead - every year FDY...

Even if the FAS/GWR takeover doesnt go ahead - every year FDY will be picking up more and more options anyway - from doing other future corporate business.

As you mentioned given FDY's small market cap - these options will accrue and be a significant bonus (maybe even passing FDY's current market cap. over the next 2 years) on top of brokerage and normal corporate fees it earns.