something seems a little odd here..., page-11

In a takeover, the buyer's price will usually drop because it will have to come up with the money or shareholder dilution in this case. The target's price will usually rise if the bid is above current prices.

If it is an all cash friendly bid, DTE will be 19.5c. If it is hostile, DTE will be above 20c with punters hoping someone else will trump the bid. However, in a script bid, there is uncertainty as to the share price of the bidder and the exchange rate. In an international takeover, some Australian funds may not be allowed to invest overseas and private shareholders may not want to hold shares not tradeable in Australia.

There should be a cash option, even at 18c. I hope the ASIC or FIRB will oppose the takeover.