From my interpretation, the OXT shares are issued on a 3:1 basis. e.g. I own 300 SWK shares, I get 100 OXT shares.
But - as you say - if the DDH1 offer values the SWK shares at $0.35 each, and they are trading currently at $0.39 - $0.40, then the premium for OXT is $0.04 - $0.05 x 3 = $0.12 to $0.15, less than the $0.25 offer price. Although obviously there are some discounts that can be applied (i.e. DDH1 down a little, some 'waiting' discount) but not to this extent.
Time will tell how the market values Orexplore.
If I have misinterpreted anything (defo possible!) please correct me
SWK Price at posting:
39.0¢ Sentiment: Hold Disclosure: Held