Ann: AGD Announces Non-Binding Offer for AGD to Acquire Revelo, page-11

i cannot work this out. Should we all be buying RVL as a cheap entry to AGD?

RVL on the TSX jumped before the deal was announced from 12 cps on 26/8/20 to 27 cps on 1/9/20. The deal was announced on 2/9/20 Canadian time and the share price has slumped back to 22 cps yesterday. They get 0.9184 of an AGD share, plus $C1,176,471 over about 38.6 million shares which is 3 cents. That is you pay 23 Australian cps to buy an RVL share at the current Canadian price. Then if the deal goes through you get AGD shares worth 31 cps (.9184 of 34 cps AGD share) plus say 3 cps in cash.

You make 50% on the deal. What am I missing? The Chairman and CEO own over half the shares and are in favour. The sharemarket seems to be saying the deal will not go ahead.

https://money.tmx.com/en/quote/RVL/trade-history