RE: A no brainer to 3.18? The $3.18 was based on the exchange ratio of 0.74 based on BTO's sp at the time. If BTO goes up to say $5, then CGA's SP would be $3.70. If it stays @ $4, then CGA will trade @ $2.96 - save for a competing offer or folks anticipation of a better competing offer (which I don't think we will see IMO).