Here is my explanation for the CIYO. Essentially the CIYO are...

Here is my explanation for the CIYO.

Essentially the CIYO are only exercisable at .30 between 2.7.04 and 2.7.06 . As such to lock in the profit you would need to carry forward a position from today until 3.7.04 or approx 1 year. The interest component on $2.25 at say a borrowing cost of 10% (perhaps even higher rate) would be $0.23. If this is a proxy for the cost of getting a positon then you might expect there to gap of $0.23 between intrinsic value and the offer, As it is the offer is $1.50 when intrinsic is $2.25-$0.30 = $1.95 . The gap thereore is $0.45.

You factor in the dividend's impact and I think you get somewhere near fair value of $150.