It appears that CF is confident in getting the necessary votes for their board nominees. If they are successful, I'm thinking that the final terms for the deal will be $32/share cash (no change from current offer) + somewhere between 0.15 to 0.20 CF shares. This would correlate to a mid to high forty dollar value for TRA. In the short term, I believe the price of CF's shares will continue to soften due to selling by shareholders who are disappointed that AGU was unsuccessful in its takeover attempt. However, in the longer term, the CF/TRA merged company has an incredible potential for price appreciation due to the relatively small number of outstanding shares. AGU has every reason to be concerned about being able to successfully compete with the merged CF/TRA. IMHO.