I read the proposed offer for VMC and I believe it says VMC may buy AMC shares on the open market. I take it this will happen after the merger period if VMC views AMC as undervalued at a current market price?
Yes, that option is available to VMC, however I don't see VMC purchasing a large number of shares, as most of VMC's effort will be going into selling machines. While most of AMC's effort will be going into building its mining farm. The main reason for the swap is so that enough shares of AMC will be sold to allow VMC to pay the NRE. Of course AMC will get the NRE paid back.