Been keeping an eye on PKO as maybe a cheap entry into OXX(think...

Been keeping an eye on PKO as maybe a cheap entry into OXX(think with PKO assets +cash + GA could well be a great trade 2015+)but must say I'm still confused after trying to understand the likely outcome .....
On the table is a merger for 24 PKO shares I can get one OXX current value 13c so basically valuing the PKO share @ just over 5c ? yet nil offers till 8c .....

then you have Cadco may pay PKO an amount of c.$6.7m.(ore than Marketcap)... will this trigger and share from OXX (how nice of them)

I understood OXX stated to PKO shareholders on first apporach PKO S/H's would get at min a value of 1c per share ...?