value of oz after merger

Morning all, have been considering the value of the merged entity and put some thoughts forward.
If the present value of OXR is $2.73 and the present value of ZFX is $8.72 then combined present value is $11.45.
Now post merger and applying a 50% discount rate because of ignorance,stupidity and analysts I arrive at a value of $5.725.
Seems to me to be a reasonable buy .
Most interested in other opinions.