Price discrepancy between PXA share price and Link's indirect PXA holdings

Dear members,

I am quite baffled and not able to get my head around why LNK price has declined by ~20% but PXA price is hovering around 15.45 and did not decline in proportion with the LNK price decline.

As LNK owns 42.8% PXA shares with approx valuation of 1.172 billion assuming PXA price 15.45, even if the LNK acquisition by Dye & Durham falls apart, wouldn't shareholders who enter at this price levels get good short term returns provided LNK ends up providing in-specie PXA distribution to shareholders?

If the acquisition goes ahead, there is a great potential upside, isn't it?

Am I being very naive in my thinking?

What are your thoughts?

Thanks,