"Well of course those who bought at $1.50 wouldn't vote in...

"Well of course those who bought at $1.50 wouldn't vote in favour of the merger at $1.38. But millions of shares have changed hands well below that price, and trading continues at a discount. A lot of accumulation has happened and who is to say how that has affected the voting picture. Buyers at current prices have a short term gain incentive."

I'm not sure what you are saying here, TT.

What was paid for the shares is irrelevant.

For which shareholders in their right minds would accept 138c for their shares if the stock was trading at 150c (irrespective whether they paid $1.20, $1.30, $1.50, or any other price)?