takeover offer details, page-7

I'm still perplexed by the current price of this...
Sure there are risks still with the t/o, and no other big players are stepping up atm,
but there seems to be a free lunch here?? (albeit small)

using 1000 shares as an example and last sale price of 69c
buying 1000 shares will cost $690 (without brokerage)
Takeover for 7/10 shares at 83c returns $712.14 taking away 858 shares leaving 142 shares and $22.14 profit.

If share price post t/o plummets back to say 30c (worse case?) the remaining 142 shares are worth $42.6

Total net $64.74 (all without brokerage) or just above 9% gain.