In general, we are open to considering any formal, written and binding offer for our investment. It is our responsibility to our shareholders.

The merger will also lead to stock price re-rating as the merged company moves to large cap category, which should have a positive impact on its credit rating.

As for the merger proposition, they have not gotten back to us.

We understand that they are still reviewing our proposal. We will still be open to discussions.

I think we will be number three (after the merger with Equitable PCI). We're hoping to get an answer from Equitable PCI board before the end of this month.