Rerate?, page-8

PRG's SP is currently $2.72, valuing their offer at about $1.62 (0.5032 PRG shares for one SKE share + 25c cash).

PRG's offer is very light on wrt details, particularly conditions precedent. Notably, there are no provisions for any major share movements in both companies, nor is there any definition of what price is precedent (ie, valuing SKE at $1.38, or using the above formula).

In regard to closure of offer: there is a very clear condition that both PRG and SKE's board must give unanimous Board approval for the offer to conclude successfully. This has clearly not happened, so the offer is DEAD. There is nothing to wait for.

Interestingly, the unanimous recommendation requirement almost guaranteed the offer would be declined. With such a low ball offer, at least one of the NEDs would've objected.