I think you will find the reference of 1 to 7 is the market cap...

I think you will find the reference of 1 to 7 is the market cap of each company.

Currently, IGO has a market cap of $7.38 billion. WSA has a market cap of $1.01 billion. For the purpose of rounding and fairness, Tomboy has suggested that the takeover bid would be based on a ratio of IGO having 7 times the market cap of WSA plus 20c cash being paid as part of the deal. That would give roughly one IGO share for about every 2.6 WSA shares held.