Ann: LifeHealthcare Announces Scheme of Implementation Deed, page-8

Thinking about selling out before take-over, is my thinking accurate?

The way I see it this could go three ways.

1) Deal doesn't proceed -> significant share price drop (unlikely)
2) Deal proeedes -> $3.75 per share plus c. 10c per share franking credits if special dividend is paid (likely)
3) Deal doesn't proceed -> higher offer received (unlikely)

Seems like selling now would protect from any downside risk and but I would miss out on ~5% return including franking credits if deal was to proceed. Have I got that right?