Is it just me, or is this takeover offer more complicated than...

Is it just me, or is this takeover offer more complicated than usual?

The clause about distributing all but 20% of the ESN shares gained from acceptances amongst Mooter shareholders I find very confusing. Can someone help me with the following questions?

1. If Mooter gain control of ESN wouldn't ESN be delisted and if so, how would the redistributed ESN shares have any value?

Okay, let's assume they have some value, since the Mooter board have trumpeted the distribution.

2. If ESN shareholders are getting Mooter shares in exchange for their ESN shares, then that implies that as new Mooter shareholders they will be eligible to receive some of their own ESN shares back in the distribution. If that is the case then something of significance seems to be how many Mooter shareholders there are. If there are a lot, then ESN holders will get fewer of their own shares back, wouldn't they? I guess I'm asking whether anyone has done an analysis of what extra value this distribution of ESN shares has for ESN holders?

I find it hard to believe it adds much value, but maybe I am misunderstanding something? Can anyone enlighten me and explain how to work out a meaningful valuation on the Mooter offer?

I guess we'll have to wait for the takeover document, with its explanation by an independent party of the 'fairness' and 'reasonableness' of the offer. I just hope it clarifies this weird redistribution and what it's worth to ESN holders, if anything.

For now I stand by my stated position that this offer is an absolute crock.