Firsova,Let us assume you are correct that 20% will accept. Also...

Firsova,

Let us assume you are correct that 20% will accept. Also lets assume PPX is worth book value (it would have to earn 36m odd to have a ROE of 10%):

Equity to PPX atm is 76.7 (based on 285m face value of PXU)
20% accept adds 57m to equity
609m shares
= book value per ppx is $0.22 so you make 5.5x your money

PXU in this scenario will be worth $100 (10x you money plus some missed distributions plus upside if there's a takeover plus you have seniority if things dont work out as well

Sorry , not seeing any compelling reasons to accept