Good comment Jaywin, I am a bit more optimistic than you i.e....

Good comment Jaywin, I am a bit more optimistic than you i.e. SOME synergies will be delivered fairly rapidly (think head office duplicated staff positions - 2 heads of HR, 2 heads of marketing, etc).
Other synergies do take longer to deliver - particularly ERP systems migrations (If they choose to consolidate onto one, rather than run differing parts of the enterprise that deal with non overlapping processes on different systems).
In any event, VOC is definitely worth more than the current offer. (in my humble opinion that is).