merger terms Under the Agreement, each Liberty shareholder will be entitled to elect to receive either 0.2857 shares of Delmar common stock, or $1.70 in cash, for each share of Liberty common stock they own, provided that in the aggregate 70% of the shares of Liberty common stock must be converted into Delmar common stock and 30% of the shares of Liberty common stock must be converted into cash.
currently DBCP trades at $7.00 Bid
$7 x 0.2857 = $1.9999
vs.
$1.70 Cash offer
clearly the market pricing currently favors stock exchange
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