Where's the "smoke and mirrors" that you refer to? Sure, the MTU...

Where's the "smoke and mirrors" that you refer to? Sure, the MTU share price can go up and down and that impacts on the underlying value of IIN shares relative to the offer of 0.803 MTU shares. But thats neither smoke nor mirrors. Its they way that all share based acquisitions are normally priced.

But the MTU share price has to fall quite substantially from current levels if the offer equation results in a valuation that is anywhere near what TPG have on the table at present.

What new "gearing" is MTU taking on with the acquisition of IIN via shares? Can you please detail some analysis behind this claim.

I note that MTU have disclosed that the transaction is EPS accretive to MTU in the first year in the high single digits - so EPS growth is expected to be between 5% and 9.9% as a result of this transaction. I reckon thats pretty good for MTU shareholders.

If you doubt MTU's ability to integrate the IIN business (to the extent that they will considering they disclosed that they are happy to run it as a standalone brand), how has their track record been with other acquisitions and integrations? Pretty good I reckon, and even though this is a larger acquisition and integration, they have the runs on there board to deserve the benefit of the doubt.