Interpret Chart, page-24

I am confused...genuine question though about buying OPC and selling UWL

If OPC is 99% confirmed that it will be acquired by UWL...what's the point of buying OPC and selling UWL?

Isn't the condition of the acquisition that OPC will be purchased for $5.10 + 10c dividend or 3.4228 UWL shares regardless of UWL current share price?

Or is it just anticipation for the unknown that OPC may or may not vote in favor of the takeover?