An interesting question, and the answer obviously depends on...

An interesting question, and the answer obviously depends on whether the Polynovo technology becomes a money maker. Or not.

The immediate value of the rejected share exchange could be valued at between $3.7 and $4.4 million based on 147 million shares between 2.5 to 3 cents a share. On this basis a $3.5 million cash deal doesn't look so good, but if you think the Polynovo technology is viable and valuable, as Billgeld has for a long time, and I concur, then in the future the value of the diluted shares in the rejected deal might be expected to reach $.12/share in the not too distant future, making the Polynovo contribution to value of the fully issued 447 million MBP shares $54.8 million, or a little more that $.12/diluted share.

If 60% of this value estimate would now accrue to the undiluted MBP shareholders, i.e. $ 32.9 million, that works out to about $.11/undiluted share.

My conclusion is that there isn't too much difference in the potential future returns to the shareholders if it goes well, but that current risk is much reduced.

It looks to me as if there was enormous pressure on the Xceed board to accept any deal it could get to save Polynovo.