Nothing is unreasonable in a TO scheme especially involving...

Nothing is unreasonable in a TO scheme especially involving conversion of shares. One just has to it back and ask: what is most compelling scenario to convince PXG holders to accept? The answer is a higher premium. Hence, PXG will be attempted to be capped and EVN will be attempted to be pumped imo. On the other hand PXG will try the opposite to force EVN to the negotiation table and improve the offer - hence it would prefer an increase in SP to match or surpass the offer. EVN has more clout with the sheer support by instos.