could thing change now, page-10

BHP is the logical one, seeing Olympic Dam is so close to Prominent Hill (synegies, cost sharing, etc) but not till June after merger done. Question: If ZFX shareholders get 3.1931 OXR shares, and OXR is $3.14, that means ZFX is valued at $10.03 without their 0.35 dividend. Therefore, ZFX should be $$10.38 right now (taking into account the dividend). Why is it so far away from the simple mathematical equivilant of the merger offer?