Some investment writers (and likely some of their readers) are...

Some investment writers (and likely some of their readers) are confused about or completely misunderstand APA's acquisition agreement with ENV. The ENV announcement is particularly confused (until you read the footnotes), whereas the APA announcement is somewhat clearer and upfront on the actual deal. Neither would pass an Englich language test (let alone course in legal contract writing).

This is what several sources INCORRECTLY say, namely that APA is buying ENV for $1.17 per share. For example:
"APA...will pay the equivalent of $1.17 a share if Envestra shareholders back the deal." (Herald Sun)
"ENVESTRA has agreed to a takeover proposal from APA Group for the equivalent of $1.17 per share." (Advertiser)
"APA raised its July offer for the shares it does not own in Envestra by 9.3% to A$1.17 per share." (Platts Oilgram News)
"The revised offer is equal to $1.17 a share, up from the initial bid of $1.10 a share." (Sydney Morning Herald)
"[APA] will buy the remaining shares that APA doesn’t already own for $1.17 a share." (Motley Fool)

What the deal ACTUALLY says is (from APA's announcement):
"Envestra shareholders will have the option to receive either 0.1919 APA securities for each Envestra share" (or a combo of APA shares and cash).

The oft-quoted $1.17/share is just the conversion value of ENV shares if the transaction occurred over an weighted average 30-day period before the announcement (when APA's share averaged $6.0974). It is not necessarily (or likely) how much ENV holders will receive.

In reality, ENV holders could receive more or less than $1.17 equivalent APA shares. If APA is $6.30 at the time of conversion (April or May?), then ENV holders will receive almost $1.21/sh. If APA is only $6 at that time, ENV holders get equal only $1.15/sh.

As noted last week, even if APA's share price is suppressed at $6, ENV holders technically get more than $1.15. Why? Because they likely (depending on sale date) receive both ENV's 3.2 cents distribution in March/April AND APA's 3.55 cents (per ENV share; 18.5 cents per APA share) distribution in June-Aug (ex-div and pay months).

I will cross post to the APA forum just in case anyone there is confused.

FYI, I hold both APA and ENV shares.