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stock being transferred to Colonial, the total market value of the shares to be transferred amounted to $9,875,131.25. Thus, the Colonial interests would profit in the amount of $1,903,444 if the values of the stocks involved were based on the market values during December 1954.

One of the most significant factors to be considered is the relative participation in the surviving entity by the holders of Eastern stock which would be issued pursuant to this agreement. This yardstick is unaffected by fluctuations of market values of stock and contains no element of conjecture which is inherent in the evaluation of stock and assets involved in the agreement. It provides probably the best measure of the position of Eastern's and Colonial's stockholders before and after the acquisition.

In the prior Eastern-Colonial Acquisition Case, supra, Eastern would have issued 343,733 shares of stock at a time when it had outstanding 2,395,572 shares. Under the present agreement Eastern would issue 250,300 shares while it has outstanding, 2,488,011 shares. Thus, under the previous agreement Colonial's share holders would have participated in 12.55% of the integrated company, while under this agreement its share holders would participate in 9.47% of the consolidated company.