hdrwme question for the warrant gurus

Just wonder what your thoughts are on the current risk reward plays for hdr versus hdrwme ?

Hdr currently $1.36
Hdrwme 35c for june 30 2/1 american call warrant.

Question 1. is reward still there for leverage at current premium currently 9c eg 2 x 35c plus 75 = $1.45 versus $1.36 for the fully paid.

Question 2 . what happens to the warrant holders in the advent of a take over offer prior to june 30 ?

thanks in advance Hoot