ipo, page-2

Of course you will be entitled to the Audeo shares as long as you held ACL at the time the TH is in place.
If the IPO is successful at the higher end price(and everything points in that direction), I doubt that the ACL price will drop by the corresponding value. My opinion is, whatever amount it drops by, it will regain it steadily, given that it will soon be viewed as a cash cow with dividends and very little to cause a 'black swan' event.
Unfortunately, the lack of optimism currently being experienced would point to the 'not so happy times' of the past. IMHO.