Based on 142m shares outstanding, the current bid means a 26m - give or take - dilution plus cash of 7m of which 20% is already owned by DLS.
DLS will have a good idea of the value of PEL 570 and how far they can push the bid up especially in the share swap. Theoretically that could be an infinite number but there will be a crossover point where the dilution will equal the point where it will eat into risk/reward on the 50% +/- of PEL 570. Who knows what that point is???
The key will be and I know this is an obvious statement not to pay too much because there is a history of companies paying too much and suffering buyers remorse later because they couldn't control their emotion.
Even if DLS lose the bid they will reap the reward for taking out a stake in AQO in the first place.
Furthermore, as the AQO board has stated do you really want to own US shares and, moreover, have this fall into US hands. There has to be an intangible offset in there somewhere in favour of the DLS bid.
The other point is if DLS are successful can they work with MH and NSE?
It's going to be fascinating to watch on many levels because if DLS do win the bid it will be props to them and the street creds that goes with it.