riddle me this, page-2

I too am having difficulty understanding why STU's SP is quite alot less than the 2.5x SXY's. Doesn't make sense to me as the deal seems pretty certain with the 50.1% acceptance condition and a 20% shareholder already accepting. Plus I see upside for STU if someone decides to come over the top (unlikely but its still a posibility)

Given the above, I've sold my SXY stock at 40c and picked up STU at a healty discount.

If I'm missing something here, please let me know.