RE:RE:ReRe Good mergerEven if we accept that 1.26 times dml = fcu, and accept the possible fallout of a rollback afterward, dml had better produce drilling results this summer to match what Ross is doing at RRR. So far, not happening. Not all of us, myself included, believe fcu has been fairly valued vs. dml
Since it's too late to change the terms, logic tells me that the odds of the merger surviving the Octorber vote will decline with the widening gap between values of RRR and dml's holdings.
If somehow the PEA is a disappointment, the balance will tip in favor of dml. If for any reason the PEA isn't made available by vote date, the vote itself should be rescheduled, or management must expect it to fail.
The idea of holding a new rising U major from birth has some appeal, but the time horizon doesn't.