You're right, backs may be to the wall, but maybe not. Why would they offer more than they have to in order to get the merger they clearly want? Just good business. If KWG are required to show why they don't believe the piddly .19 offer is greater than a majority in the new merged co., (ie. show 3rd party valuations of not only property, but nsr as well) could be good news for both companies.