It appears the directors consider ORS undervalued. Well had they...

It appears the directors consider ORS undervalued. Well had they decided to give shareholders the initially proposed shares in A1, then shareholders may have held a more positive view of both companies, which could have affected a willingness to invest. A little bit of generosity could have been of benefit to all. There is plenty of research that shows the positive spin-offs of greater equity to all interested parties.