There is a HUGE open question right now on DNS. Bytemaster posted up that 80% of DNS (the developer's stake) would not be counted.
Depending on how that 80% is calculated the supply of DNS is anywhere from 1bn to 4bn. If it is the 1bn than this merger is a wash (300sat value). If it's the 4bn then BTS aquired DNS for 1/3rd current market value.
The case BM made for that is that there was only $10k in liquidity. However, what I feel was heavily factored into the market price of DNS at the time was a faith in Toast as thought leader in the space, the bitshares_toolkit as a whole, and the discussed feature set to come.
The other unkonw, but is BM's and to some extent perhaps toast's opinion, that selling at what BM considers True Market Value of DNS to BTS will net us more in the long run because the investment in BTS will surpass the investment made in DNS. Basically the bet is that in a year or so from now BTS will be so big that even at 1/3rd buy rate we, as investors, are still much further ahead.