I suspect that the ex offer day on market price will be trading...

I suspect that the ex offer day on market price will be trading below 2.60 as this would be the approx break even for any traders taking advantage of the 50/50 deal based on the current SP. EG, buy in at 2.82 - half out at 3.15 & other half on market sale anything above 2.60 = profit. If the SP goes higher before hand, the ex-offer day market price will be proportionately lower.

Another possible opportunity could be shorting the stock on the final offer day waiting for the sell off the day after offer expires. Any others have thoughts/opinions on these two ideas?

Personally I am accepting the offer as I entered this on short term basis to take advantage of potential takeover.