I'd say it's not too likely until after the merger if either of...

I'd say it's not too likely until after the merger if either of them do. If memory serves, as part of the merger agreement they aren't allowed to make any moves over $200mil. PNA seems like too big a bite to chew. For a co the size of PNA you'd think they'd need both sides to agree even if they do go up to the $200mil limit. I can't see the two agreeing to something that big whilst the merger is still up in the air. If the merger is scuppered it wouldn't surprise if ZFX go after PNA as an OXR lite...