Ann: NST: Northern Star makes $150M offer for 49% stake in EKJV, page-22

The offer to RND/TBR shareholders is more than generous considering the current value of the companies:

TBR - $262m
RND - $146m
Total - $408m

Value of offer is $150m which is more than generous at 36% of the value of these companies combined. After all, NST are all ready running the JV and covering the costs. RND/TBR are essentially getting a free ride.

In my opinion, NST should only be offering $65m for RND/TBR stake in the JV which would equate to 16% of the current value of RND/TBR which in my opinion are massively overpriced at current market valuation.

As I said, this offer should be voted in the affirmative as it is a great offer.