This pessimistic view was based on a scrip-swap deal that would deliver 32% of a merged Murchison-Midwest to Midwest shareholders, a deal Murchison thought was great but an unwelcoming Midwest fended off with a fair degree of scorn for its suitor's iron ore prospects. Fast-track to yesterday and all of a sudden Murchison and Midwest are acting like long-lost lovers, speaking of synergies and a mutually beneficial outcome. It is easy to understand why Midwest's mood has changed from scorn to support — it will now end up with 47.8% of the merged group, a huge concession by Murchison of the true value of Midwest, and Midwest also gets to be the groom at this impromptu wedding courtesy of a merger structured as a reverse takeover.