Ann: Phoenix Advises REJECT Evolution's Takeover Offer, page-39

That is it.
The reason to sell now or wait for a better offer or wait and accept the offer are all dependent on risk and speculation.
Remember the current pxg sp is underpinned by the evn sp. So in the absence of the offer it will be entirely rated on its own and will decouple from evn. Remember the sp prior to TO proposals.
Will evn provide a better offer? They dont need to as in the ST a rise in sp automatically increases the return for pxg. However my guess is that a sweetener will be provided in the form of a bump in the cash scrip. Maybe 9 c. And uf sp can be pumped in the st padt 1.50 it becomes very attractive as the offer will be worth 18 c. By this stage many would have sold. Thati s why one could play this in many ways. Buy evn and/or buy pxg, or just accept the offer or just do nothing. The only downside in the st is the offer is removed or pog collases or evn sp collapses . Personally i cant c the latter in the st as evn wants pxg. It is hard to discover these assets internally and it is a dream union for lamanche. Amazing what brokers can do to prop up a sp