RE:MakeNo mistake Any share merger/exchange means we get no "offer". The arc "offer" is simply to merge the two "pies" into one new company "New arc", if you will. How you divy up the pie (Share premium/exhange etc to form a new float) is pointless. The pie is the same. It is what it is. Now if someone offers actual cash premium obviously that's an actual "offer" But given CPP is in the driver seat, they want a return on their original investment so a 30% premium on the current share price is useless to Cpp.