The market seems to value BON at 1/10th MAK. I am supposing the...

The market seems to value BON at 1/10th MAK. I am supposing the time risk is the reason that it is not 1/9th.
Risky play and not worth the effort in my opinion.

Surprised that MAK sp is holding up as well as it is. Obviously still sme buyers in the market. Maybe some potential MAK buyers are still wanting to enter via BON.

However, some may believe that MAK will drive up the BON sp to acquire the last 1%, or so. Additionally supposing MAK gains 91%. What is the compensation for the BON shareholders who 'hold out'?! We may see BON sp rise, relative to MAK, over the rest of this week. A higher BON sp would probably result in a higher payment to BON hold-outs.

Note: I have no current intentions to hold BON or MAK, although hold UCL. Just have an interest in the dynamics and suspect that there are still some twists to come regarding MAK BON UCL.