On the face of it, a good deal

DXS and IOF have very similar metrics, with DXS possible a bee's whisker better. The deal will see IOF holders get 0.424 DXS units plus $0.8229 cash for each IOF unit they hold, subject to a maximum total cash outlay of $505M.

Alternatively, IOF holders can opt for script only at a conversion rate of 0.53 DXS units/IOF unit. Interestingly, on today's prices, the latter option is of lower value.