RE:Demistifying...Ya'll are forgetting one small detail. Teuton and American Creek are carried all the way to The Promised Land. Tudor can spend whatever it wants and sees best -- this year, next year, the year after -- and it really doesn't matter, except to Tudor, which now has a deadline to meet.
If you want to complain about The Deal itself, put it to pen and paper the dilution each company faced. We should be thankful for our suitor and Tudor should be thankful for our fratricidal misfortune, but a carried 20 percent sounds fair enough to me.