All this talk about PXUPA being converted to PPX, deals, etc,...

All this talk about PXUPA being converted to PPX, deals, etc, but at the end of the day, as long no take over happens (which doesnt look like it until higher offer comes in), PPX doesn't have to do anything with PXUPA, except may be give a higher step up margin, but even then doesn't have to pay dividends unless it wants to pay dividends on PPX?

Please, correct me if Im wrong..