I can tell you there are reasons TPIV was able to make this merger happen. I also know Marker did have other offers but the owners valued keeping some control over just a payout. As we get closer we should get some filings that show what each company was valued at prior to the merger. We will have to wait.
What you say makes sense. I do think there will be further developments in the next six months that will justify a higher market cap. The risk/reward factor should take us to higher highs by closing. The closing itself should produce a 10% gain. My guess.