BCI share price and offer value

Interesting that the BCI share price has rebounded a little following the T/O announcement, sitting around $3.20 today...

The value of this offer right now is $3.20 x .44 = $1.41 plus a 10c cash component per share = $1.51 per IOH share.

The IOH share price of $1.34 is offering a cheap way to get into some BCI shares right now plus a nice 10c bonus per share, I'm surprised IOH is trading at such a discount to the offer.