WRONG! The $12/shr represents a premium for the IFMX asset (ASCL is worthless). Most suitors who want something from a competitor pay a premium for that asset. IBM paid $1.0 billion for nearly $1.0 billion in revenue. NOW THAT'S A STEAL no matter how you look at it.
PG gave away the store because he was losing market share. Yet he still had market share and he could have laid off workers until his product line started gaining steam again. Rather he cut bait and threw his pole in the water to boot.
There is nothing that can be said to any investor of IFMX stock to convince them that they didn't get screwed by this deal.
ASCL book value is 0, zip, nada. It has only losses. It's instrinsic value is its cash, which is dwindling. It's just a matter of time before all the cash is gone and when that happens there is no asset. Hence, bankruptsy is a strong likelihood a year or so from now.