The wording within the signed Scheme of Arrangement appears to me to indicate that a material adverse event occurs when PNC does something which triggers it not what any market does (PDP market or share market). It is down to interpretation as I said in a previous post I am no Commercial Law expert but Commercial Law solicitors may interpret things in a way which may favour either party if a dustup were to occur.
Are Shareholders Being Screwed?, page-6
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