AS u said its just a guess and i doubth it is a good one,If...

AS u said its just a guess and i doubth it is a good one,If there is a merger (and i am now starting to doubth it because of the SP destruction to PEM)it will not be based on both Companies SP and the ratio worked out that way, but this will certainley be taken into consideration, as i understand it CBH has nett asset value of 22cents per share by approx 840 Million shares =$184 Mill, Pem has a nett asset value of $1.14 per share by approx 196 Million shares = $223.4 Mill.These assets have to be taken into account prior to any merger taking place. Accountants and advisiors will decide the outcome of this one. Hopefully it is a good result for shareholders of both Companies.
In my opinion it does not have to be a merger to be a good result,both of these companies can do deals beneficial to each of them for the future.