merger details out, page-95

It is obvious from the posts that most people are disappointed with the deal and were expecting bigger and brighter things.
At the expense of sounding so stupid, could someone confirm whether I am right in thinking that at today's prices (TXN @ 38c and SEA @ 78c) the total value of our shares will be 77cents (38c + half of 78c)
I understand prices will change but is that the deal as it stands at today's prices or have I missed something?
...and we will get an issue of Talon shares or an offer to buy them through a prospectus.
I too an disappointed with what has happened, but I do want to understand what the deal as it stands today.
Thanks