I am doing the math. You haven't taken into account that the...

I am doing the math. You haven't taken into account that the takeover offer is only for 70% of the shares. That equates to 98 cents per share. Obviously, they would still hold the 30% in shares so JRL is valued at $1.40 on EME shares alone. However, would mean that they would only have 98 cents/share to distribute if that is what they intend on doing.

Hopefully, PDN puts in a rival bid for EME. They might prefer to be the ones in control of the Bigrlyi project.