News: Ten Network contemplates offer, page-14

I thought the Discovery/Foxtel offer was meant to be 23c PLUS non-voting shares in the continuing entity to gain exposure to up-side or is this only for Bruce Gordon? If so, the current 20c is cheap in that context? I'm finding the current media analysis superficial.

If Discovery buy-out 100% of the shares at 23c and issue Class B shares to replace them then theoretically doesn't this mean that each new share is worth 1/2 of 23c? Therefore the real take-over price is 23c PLUS 1/2 of 23c PLUS exposure to up-side, which equals 34c plus?

Happy to be corrected.