I can't find much (if anything) to dislike in this acquisition...

I can't find much (if anything) to dislike in this acquisition if all the financials are correct.

EML itself would have had a rough EV/EDITDA ratio of 33x given the EV at 31 Dec and annualizing forward the 6 mth EBITDA (and yes it had some extra items which if adjusted would have put the multiple in the 20s). That takes care of my initial thought that the acquisition multiple may have be a little expensive.

The rest looks pretty darn good. The placement discount was OK but would have liked an opportunity to participate. Always a fan of renounceable rights as the fairest method.

Onwards and upwards I expect after all digested.