The market has priced VIT shares at $2.09 to compensate for the opportunity cost of having capital locked up until november, as well as the (very small) risk of the scheme falling over. This is very normal takeover behaviour. SP will never rally to (or above) the takeover price unless the market is of the opinion that a higher bid might surface. No one's going to pay $2.22 per share + brokerage costs and expect to get 0 return for a 2 month hold.
Just market pricing at work here.
Ann: VIT FY2016 Full Year Results-VIT.AX, page-11
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