Ann: PRG Board recommends acquisition proposal from PERSOL, page-24

Not sure I agree with your calculations.
Assume they pay a 90c fully franked "special dividend" - that will provide franking credits of 27cps.
The revised take over price would be $2.12 ($3.02 less the $0.90 dividend)
Bit of a double edged sword for holders as those on a tax bracket of 32c and higher would lose, but those that do not pay tax, eg a SMSF in pension phase would be better off. $2.12 for the takeover plus the 90c dividend plus the 27c franking credits, for a total return of $3.29.
Welcome other thoughts