BYE buy MEL?!?

Shouldn't BYE put us long suffering MEL holders out of our misery by making a scrip offer for MEL?

Assuming MEL is rational and exercises their BYE in-the-money-options that expire in July (assuming they are in the money at expiration), the majority of MEL's value is in BYE shares or farm-ins of BYE projects.

Why not just merge MEL into BYE and remove MEL's corporate overheads, while giving us long suffering MEL shareholders more liquidity thanks to BYE's substantially larger market cap?  

The only projects outside of BYE's umbrella of influence are very early stage and will require external capital to move forward. I can't see anyway that current holders are going to want to stump up more $s for highly speculative projects given management's track record or lack thereof. 

What am I missing?