If I were to make the first offer, what would it be (expressed in terms of the number of Precision shares for each AIC share?

What is the absolute minimum number of Precision shares per AIC share I would ultimately accept (i.e., BATNA) rather than discontinue negotiations?

Apart from any tactical choices in the upcoming negotiations, what is the true value of or fair price for AIC in this potential transaction (expressed in terms of the number of Precision shares for each AIC share)?

In order to generate the best possible outcome, what should be the specific elements of my overall approach to these negotiations?