RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Trading this weekBonterra's debt would just have been added to the total of the proposed business combination and BNE's better cash flow (now and potentially) would have then been diluted as it helped cover the debt that Obsidian already has; the higher operations costs of Obsidian; the costs of integration that would have been necessary; and the dead weight of the Peace River and Viking properties that Obsidian has not been able to shed.
The idea that Bonterra's management would be imported to manage the new enterprise and see if it could do anything with Obsidian's current operations was not part of Obsidian's proposal, as is clearly illustrated in the narratives that both sides have laid out in their circulars. If this was ever mooted, I suspect that Mr Fink and his team had the good sense to politely decline; and run for the door. Looking back at how this all unfolded, it is not out of the question that this may be exactly what did happen.
As for the question about why BNE might trade at a premium to OBE, I suggest that the question you might get better answers to is: Why does OBE trade at a discount to market?
But this distraction is over, and it is a question you can discuss where people care about answering it.