Ya I got the same Dentro 9 share price €4.5, For option two did You. – Revalue combined by Adding PAT and x by PE – Add 30% of equity of Doric for Synergy -Calculate new Shares in issue – Dorics share number * 3/2 – Add number of existing share = Total Number of shares New Cobined vale/New share amount Then compare 2old vs 3 new share amounts I got a reduction in Value for the Dorics share holders