Ann: PAN: Anglo Pacific Accepts into IAF re MMW , page-8

re: Ann: MMW: PAN: Anglo Pacific Accepts into... Can anyone tell me if MMW takeover was such a great idea why didn't PAN offer CASH ? They offered PAN shares instead - and look what happened now ! PAN fell below $1 mark.
Management greed will not pay off. I am convinced that the rest of MMW shareholders would not accept (I wouldn't). With current PAN price offer looks really bad.