That is the beauty of it. AZO does not need a single dollar to purchase PBY, infact they will receive PBY's cash ($35 million) for doing so. AZO simply needs to issue additional shares and exchange them to PBY shareholders to complete the transaction. Sure there is dillution, but the acquisition could be accretive to earnings right out of the gate. AZO would still have to assume PBY's $300 million debt load, But they could selloff PBY's real estate holdings to eliminate this debt and then some.