Yes indeed MBSB needs to define a value that is right to merge Bank Muamalat. It has to be not below RM 2.00 for a new entity. Vice versa a direct acquisition via its own share will need lots of right issue. A higher value of MBSB can only smoothen the process.
It is a good deal as I believe but is the method of the acquisition. We are happy we stop buying when the right issue news was out months back. But we bought in some at the range of RM 1.20 to RM 1.50. Out fair value of MBSB always above RM 3.00.
J&J Investment Co. 
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