The special divi is paid when the sale goes through. Excluding the divi of 11c, as the offer should have IMO, the offer is a cash offer at $6.59. The special divi is part of this cash offer, and will include the franking credits, thus adding further value if you can utilise the credits.
I was actually amazed it traded so low on open, but with a 16c premium on offer from todays close (ignoring franking credits) I expect a rise again in the morning.
Cheers
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