Bed has good pharma brand and I don't disagree with the synergies BUT a stock deal is about relative value of shares and Tweed is just coming into major sales growth after building capacity for over a year whereas Bed is just starting domestic production and will see a slower ramp up.
So, I believe the value spread would widen if not for the acquisition and Twd could have bought Bed for half the price in 6 months time as TWD stock appreciates and Bed drops (if not for the deal).