Ann: PRG Board recommends acquisition proposal from PERSOL, page-9

What you say is partially correct, except the dividend will be fully franked.
As such, anybody on less that the 30% tax credit rate will be better off. For example, a SMSF in the pension phase (paying no tax) will get a tax refund of the full value of the franking credit on the dividend, which I am guessing will be about 25cps - 26cps.
Meaning the total value of the bid for such holders is about $3.27