Not sure if my calculations hold.. But after the takeover, the remaining 80% UNV shareholders (since TER already owns 20%) will still own 33% of the merged company. So you kind of get 40% of the merged company rights (33/0.8) plus 10c per share.
If 23c for UNV was a reasonable price to pay (price before the takeover went unconditional) then the current price of 21c values the unmerged TER less cash spent for takeover at 4.8c? Is that right?
(21 - 10) = 40% of 23c and 40% of TER less takeover cash.
