easy money

I will state outright that I am a novice.
I am very new to this game and I am trying to learn as much as possible.

Am I missing something with Lion Nathan shares.

For arguments sake I could have bought today 1000 shares of LNN for $11.95.
Total cost including brokerage approx $11980.

Kirin will take over these shares for $12.
I therefore can make approx $20 on the share sale.

On the 21Sep09 LNN goes ex div for a 50 cents special dividend.
I therefore can make an extra $500 plus franking credits.

Is this correct?

If so, why haven't those shares at $11.95 being snapped up?

Thanks in advance
Crate
DYOR