pdn offer is too low

Early July, pdn offer VUL, 1 pdn share for 3.16 vul share.
before offer vul sp wes about $1, smm was $1.5, uranium spot price was US$47/1b. When pdn offer smm,1 pdn share for 2.04 smm share, pdn share price is $9.44, so smm share worth $9.44/2.02=$5.12, if vul shareholder still hold pdn share, vul share worth $9.44/3.16=$2.99, so 5.12/2.99=1.71, 1.5/1=1.5, only up 14% (1.71/1.5), but uranium up 81%(85/47).
compare with the offer to vul, smm at least worth $8.12, ($2.99*1.5*1.81) and not count smm's new uranium resources discovery.