Question about buying more

Hi all,

A question to those knowledgable about how these things work... If I buy more GMM stocks now (or any time within the bid offer stage) - are these shares still valid to swap to GXY shares? Will I receive another letter to sign and send off?

Maybe I am missing something but it seems like a bit of an arbitrage opportunity here... no? If we can buy GMM shares and have them changed to GXY shares at a premium, that is basically the definition of arbitrage.. free money. What am I missing?