Xenith shareholders would own less than 5% of the merged entity....

Xenith shareholders would own less than 5% of the merged entity.
5% of a proven successful larger entity with a share price heading north is better than 50% or 100% of a struggling entity with a share price heading south. Its also a big assumption that all Xenith shareholders desire to be represented by any proportion of the existing Xenith board as though its a good thing.

control premium
Fluff and no numbers behind what it should be. Make a counter.

higher execution risk
ACCC already approved QIP+XIP. The reasoning is equally applicable to IPH+XIP.

win support from Xenith employee shareholders who hold over 40% of Xenith shares.
There is no evidence from XIP that this bald statement is true. It would only take a small fraction of XIP employee shareholders to sell for IPH to reach the level it needs (75%), roughly 15% of total XIP, which equates a little over a third of the Xenith employee owned shares. Is it impossible to believe that a third of the Xenith employee owned shares would sell ?