Bug, I'll have another look and compare past balance sheets,...

Bug, I'll have another look and compare past balance sheets, before and after mergers/purchases. TPM is down also, in part because of the size of its debt. I'm away from my computer for a week or so but will try and get some numbers crunched sooner than later.
As an aside, I have done numbers for a number of m&a's, and purely from an accounting view, the number one ratio to look at is debt to revenue producing assets. This single ratio tells you whether the business can generate actual cash profit going forward. Where this ratio stays in a holding pattern and the business is profitable it tells you that the cash generated is needed to sust ain current assets without growth. There are lots of other key ratios but that's the biggie and the one that will drive any offer down. I'm positive that scared off the previous suitors