Sorry I can't comment on the maths, but I can comment that if you were to buy on-market now at about 8.50 and hold until the takeover is complete, and if the FF divi was $1.14, then the pre-tax return would be 59c (i.e. -8.50 + (8.60 - 1.14) + (1.14 /.7). That's a pre-tax return of 7% in about 4 months holding period.
I think it's fairly risk free, and any risk would be on the upside in the case of a counter offer for IIN?
Sorry I can't comment on the maths, but I can comment that if...
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