If the buyout is likely to take place at ~21c, are the following...

If the buyout is likely to take place at ~21c, are the following statements true?

1. RAP is currently undervalued at 17c, as a new buyer at this price would immediately make 4c per share at takeover.

2. If the board and SH turn down the Pfizer offer, does this potentially value the company much higher than the 21c buyout price, given that a refusal of that offer would mean that it's not in-line with market position?

Would appreciate some feedback on this.

Cheers!