ramman1: never seen a situation where sp is suppressedin advance of a cash/share acquisition. Typically and especially on the Venture sp is inflated. Looking at it your way I guess it's a matter of more dilution in favour of balance sheet appearance and optics of value. If I was selling I would do the deal with the company whose shares offer the greatest upside so coming in low on share price would be appealing but I don't think that's the case. Too complicated.Too many variables.