That's like dropping a $5 chip on zero at the roulette table....

That's like dropping a $5 chip on zero at the roulette table. Except that instead of paying 35:1 it will pay you 1.05:1 (5% return) at best. And I reckon the odds are way lower than getting zero at roulette!

Have a read of section 10 of the deed... UXC are stitched up with restrictions:
1. They can't invite competing offers.
2. If they are approached they can't give out any non-public information.
3. If they are approached they must provide CSC with the details of the approach, including price, terms and who it is making the approach.
4. The directors aren't allowed to recommend a competing deal in preference to CSC's deal.
5. If the deal doesn't go through, UXC must reimburse CSC for their costs.

Alternative bidders for UXC will be facing a storm of legal interference from CSC, plus the prospect of acquiring a UXC minus the millions that CSC will claim for costs.

My personal view: Buy this thing if you're happy with the 4 cent eventual profit on the current deal. Don't rely on any other offers appearing.