Good deal for both companiesDerek, I agree that a merger may bode well for the combined companies but that is not entirely the point. Such a deal benefits i3e enormously and TEI virtually not at all. It actually seem to benefit Toscana management the most for their complicity in this fraud! Given that the combined companies may do well together and that there is no incremental outlay of cash to i3e to increase an all share offer, it behooves i3e to accept a higher dilution to effect the merger and persuade us to co-operate. This may not make i3e's shareholders happy, but we are not happy and to make this a fair deal we are going to have to share the grief. We are not going to be the only party to capitulate! A little even handedness is in order, and it also has the benefit of watering down somewhat the outrageous benefit the Toscana management have arranged for themselves.