NBC and TMD today (11 dec 2020) announced that they havesigned a definitive agreement for NBC to acquire TMD in a cash-and stock transaction. TMD shareholders will recive $60 per share (cash+stock) under the terms of the agreement, comprised of $33.00 per share in cash and $27.00 per share in common shares of NBC stock, base on NBC's 10 Dec 2020 closing price. The stock portion will be subject to a caller based on the Average NBC price. TMD shareholders will receive a number of shares equal to $22.32 in value if the Average NBC price is above $28.70 , TMD shareholders will save one NBC share.

assuming the market is expected to remain highly valued due to the unsettled pandemic. From the viewpoint of TMD's shareholders discuss whether the payment structure is effective to control price risk