When shares or scrip is offered in a takeover in lieu of cash...

When shares or scrip is offered in a takeover in lieu of cash naturally the offered 'shares' will fluctuate before the completion date on the open market. Therefore, a promised amount can never be assured, only an implied value.
For instance, Great Panther Shares are down 4 per cent today. The new 'implied' takeover offer today would be around 8.3 cents per BDR share. That is why cash is sometimes considered more attractive in a takeover.

Works the other way of course. Things to look for in the coming weeks - Great Panther share price, price of gold and silver, completion of the BDR November mill works, substantial holder notices indicating interest from other parties and the big one - a better takeover offer.