The offer isn't priced like that anyway. There's no cash component at all. The offer is a pure scrip exchange at 0.4614 Vocus shares for each Amcom share. Back when the offer was made, that equated to $2.45. But Vocus share price has changed in the meantime.
Vocus shares are now trading at $6. If you multiply $6 by 0.4614 you'll get the current takeover valuation of Amcom shares, which is $2.7684.
Surprise, surprise... that's roughly what Amcom shares are trading at!
You will find that the Amcom price will be pretty much stapled to the Vocus share price until the transaction is complete.
