Ann: Receipt of Proposal from Betr, page-19

Scrip (no t) is where shares are offered in place of cash. https://en.wikipedia.org/wiki/Scrip_bid

For example, BBT's current share price is $0.32. If they offered $1.50 worth of BBT shares for each of your PBH share this on face value should be 4.69 BBT shares for each of your shares. So if you had 100 PBH shares, they would give you 469 BBT shares.

So the difference is, if you wanted cash, you've got to go sell the shares and take what is being offered at that point which might be higher or lower than $0.32.

There's a couple of appeals of scrip:
1. You might want to remain invested in the industry and/or own the combined company. It's bigger, should get more benefits through synergies (a lot according to BBT), and usually larger companies trade on a higher multiple so the share price might go up from that.
2. Usually you get capital gains relief on scrip for scrip mergers, that is, you don't have to pay CGT until you sell the BBT shares. Whereas if you get cash you have to pay CGT because it's treated as if you sold the shares for the takeover price.

The advantage of cash though is you know exactly what you're getting.

One of the things though is that it's not clear what BBT is offering in terms of shares, but that the $1.50/PBH share that BBT references is not a 'today' number. See the footnote to the $1.50 in their presentation:
So that's kind of one of the questions as to what management's response to this will be.

But IMO I'd wait for what the board have to say on this. This is Brett Paton's bread and butter, so I think he'll wring every last cent he can out of this.