It really depends on what the share merger component and what...

It really depends on what the share merger component and what the cash component is:

The last offer only included 25 cents cash :

I am expecting the improved offer to increase the cash component so there is less dilution post merger than would have otherwise needed to be in an all share offer :

I think it will be 0.50 shares ( $1.35 value ) plus $0.50 cents cash = $1.85

More even more dilution at as high as 0.60 shares ( $1.42 ) , plus $0.40 cents in cash = $1.82