implied valuation of jst post take over

My rough calculations, ignoring all assets and liabilities of PMV (both relatively small) apart from cash holdings and JST group.

Implied valuation of JST given PMV's share price
(Share prices in cents, numbers of shares and total cash in millions)

PMV pre-TO
shares on issue 90, cash $790

for JST
new shares issue 50, cash paid $448

PMV post-TO
shares on issue 140, cash $342 (=244 cents per share)

For a PMV sp of 500:
New implied value of JST is $429.
JST shares on issue prior to TO: 201
=> equivalent JST sp (pre-TO) of 213.

Each 10 change in sp of PMV changes the implied pre-TO price of JST by 7.

In July when it looked like the TO would not succeed JST reached a low of 265 which would equate to a sp for PMV post-TO of 624.

No doubt there will be plenty of former JST share holders wanting to sell down their holdings which will create some short term pressure on the PMV sp but according to my figures it looks undervalued. I have bought in by way of buying JST since this was a cheaper entry.

I have not taken into account the dividend to be paid by PMV of 18 per share.
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My advice is free and worth every cent.