First off, I'm sure you read the part about $1.21 for every share as a cash dividend if you own the shares on Dec 20th. So deduct that.
Second, when these 2 companies entered into the initial agreement in April 2016, the share price was roughly in the $2 range and Scotts got warrants at that price. Warrants are good for AERO, they just got 47 million dollars to use and grow their business.
Why not just buy the whole company? It would be nothing for Scott's to buy the other 20%. IMO, they are gonna leave this as a subsidiary and it will continue to trade on its own. And it will trade in in the $10, $20, $30 range in time. Maybe higher since its Cannabis related and the shares OS and float are extremely low.