Ann: DuluxGroup recommends acquisition proposal by Nippon Paint, page-37

If you read the DLX announcement the consideration is $9.80 including a full franked dividend of up to $0.41, which would include franking credits of $0.176. This means that holders will receive cash plus franking of up to $9.976.

Based on the current share price of $9.73 that is a return of 2.53% for holding the stock for a few more months until the transaction completes. Mid-August is the expected completion at this stage.

So if you buy today at $9.73 and lets say it take 4 months to get your $9.976, then the annualised pre-tax return is close to 7.6% for that period assuming:
1) zero transaction costs;
2) the transaction completes as and when expected;
3) the interim dividend is $0.41 full franked; and
4) you can use the franking credits.

Compared to cash in the bank, some may view that as an acceptable return for the risk.