After DHX Media announced that it has received an unsolicited merger proposal from Indian-based conglomerate Sakthi Global Holdings, BMO Capital analyst Tim Casey said that publicly available information on Sakthi is sparse and that the proposal includes only $1.32 per share in cash plus $4 per share of equity in the "merged entity." Given that it is unclear whether Sakthi has the resources to fund the cash component and it is unclear what assets would be placed into the merged entity, an assessment of the implied $4 per share equity value is currently "virtually impossible," Casey tells investors. With all of this noted, Casey said he is skeptical of the offer and would "advise caution." He maintains a Market Perform rating on DHX shares, which are up 19% to $1.58 in New York trading following the earlier announcement.