Obviously our views differ KBC.  I'm not sure what would be so complicated about selling assets from a merged company....

If a pharma wants to buy ZEL, a merger would do nothing but complicate that.

Spinoffs (ZCC) typically increase the value of both remaining companies.  I think that's true here.

A merger provides no advantage to ZCC shareholders.  None. Just increased risk. 

If ZCC shareholders want RVX they can simply buy shares in the open market.

If RVX shareholders want ZCC they're mostly out of luck.  So some folks want to backdoor their way in.  No thanks. I would consider it a dilution of my ZCC shares.