No matter what, if one DAC wants to absorb another, stakeholders of the absorbed DAC will get to vote on it, and only if they choose to do it will it go ahead. They will then get awarded a proportional stake so their holdings will continue at the exact same value as before.
One would hope this is the case, but no such vote occurred in the DNS DAC and as of now it's being merged with the mega-DAC at less than half its market value.
One thing that is always sure in the bitshares world is that nothing is ever sure...
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Bytemaster explained his analysis in today's recorded mumble session. As usual, it went far deeper than superficial numbers like "market value".
Here's a sample: True value assessment must include an estimate of liquidity. It is not possible right now to sell every share at the market price. Not even close. So you can't give a DAC credit for its full market cap unless there is truly that much demand for every share
Another example: A fully efficient market with all information available to it would be expected to correctly appraise the value of a share. But things are happening too fast and the more you know and have assimilated the implications of
all the facts the more accurate will be your assessment of the true value. Bytemaster is the closest thing we have to a fully informed appraiser.
So before you criticize his analysis, be sure you have thought things through at least that deeply.