HTA shareholders - no new shares?, page-19

I think your logic is flawed for many reasons.

If for the merged company the Equity for TPG is 5.4B and equity for VHA has to be based on merging ratio, I.e. 5.5B, why do you think they will get the 50% of black bar as equity only? It will be like 1.5B only. Where will remaining equity of 4B go? I think you better read the company presentation first. Regarding your worries on dividend payout, this is also mentioned in the presentation. Also you are assuming that the sole purpose of the merger is to serve the debt and there will not be any business impact of Synergies. In mergers 2+2 are supposed to be 22, not 4. Each to their own but one must talk based on facts.