Complexity Of MergerThe merger is complex due to factors like US small cap share, voting, FX, antitrust, and bid risk, raising questions about whether it is the right deal for Dowlais and its shareholders.
Market ConditionsAuto industry conditions have deteriorated, making an unsolicited approach more attractive, but not enough to justify the deal.
Merger ValuationThe proposed merger is seen as undervaluing Dowlais, which is viewed as a disappointing move and a significant departure from its strategy.