Ann: Integra Earns 51% Equity in the Peters Dam J, page-5

re: Ann: Integra Earns 51% Equity in the Pete... Also RBR have $2.4m in the bank.

Obviously on the other hand RBR is cashflow negative, would want a premium for takeover (and can probably hold out for two years with their current cash), and possibly could have some hidden bogies such as expensive termination payments etc.
Also RBR was probably worth more at the time the agreement was struck, and probably knew what their value to IGR was.