Ann: Phoenix Advises REJECT Evolution's Takeover Offer, page-61

Depends on your timeframe and also your risk profile. If i was buying now it would be on evn. If i planned to buy pxg, it will be when there is an increase in volume in buying. Now would be too risky as the most likely scenario is for pxg to capped whilst evn to be pumped. For existing holders i would hold at least until the last few days of the offer. Then if sp is close to valuation i would personally sell i.e. 1 cent difference. If substantial difference i.e. 3 3
2.5 to 3 c i wouldn't. These are all my individual opinion for the different scenarios.