Both stocks are not very liquid. Plus there are big bid offer spread, and the close price is not at the same time. Anything could happen.
Having said that, the UKL is traded at discount to MRO offer for a few days already.
Same thing happened to NEL, traded at 15% discount than TOE's offer over a couple of months.
A lot of things you cannot explain. Give you another example,
WBA owns about 30% of TGR. Each WBA share owns more than 0.545 TGR share. TGR only attribute about 50% of WBA's earning. WBA only has $2m long-term debt, and $15m short term debt.
TGR traded at $3.30, and WBA at $1.57.
On TGR share holding alone, WBA worth about $1.8. Basically, you can pay up to $1.8 for WBA to get the same equity on TGR, plus other business for free, which could easily worth another $1.5.
But people are willing to pay $3.3 for TGR, just $1.57 for WBA. You figure it out.
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