Valuation post IOH Takeover

Hi all, just running some quick calculations and would gladly welcome you to look over my workings and see if it makes sense.

So if BCI are offering 0.44 shares (&10c, we'll worry about that later) for each IOH share, they will be issuing approx 7,840,000 shares.

Now before the offer, per the June quarterly, we know there are approx 124,300,000 BCI shares on issue. If we take the 60 day VWAP of $3.39 a share, we got a market cap of about $421,377,000.

So if we add to this market cap what BCI shareholders get, being say the market cap of IOH previous to the announcement (being $140M on 24 July), we arrive at $561,377,000. If I then divide this by the shares that will be outstanding after the deal goes through then would I have an indicative value of the shares. But first I will less of the 10c cash component. So our total value is $561,377,000 minus $12,430,000, resulting in $548,947,000.

So $548,947,000 divided by 195,140,000 total shares on issue post deal completion arrives at a per share valuation of $2.81.

just wondering if this is an accurate way to value this situation? Welcome all comments/criticism.

cheers,