merger with whom, page-8

yes 'merger' would involve us getting LNC shares in exchange for our SXP shares - then SXP will get delisted.
seems like a good idea for LNC to do this too since their share price has rallied so hard recently.
however - when they merge it is likely to give SXP a greater implied value than currently... so perhaps 1 LNC for every 4 SXP?