Newco worth about $1.10/share, maximum,by all accepted valuation metrics.
So by what they are offering, GRB shareholders will get about 22 cents in newco shares plus maybe 30 cents in cash, depending on how much is taken for the transaction costs.
So maybe 50 cents for today's GRB is about right, which is still a total disgrace. And you still get stuck with holding newco run by the same bunch.