I must be missing something obvious here.If my calcs are...

I must be missing something obvious here.

If my calcs are correct, the value of CDEs bid per 2 May merger announcement date versus yesterday is as as follows:

2 May: 4.05 (CDE SP in USD) * .8282 (AUD rate) * .682 (CDE shares for each BSG) = AUD 3.33

21 Aug: 3.34 * .8043 * .682 = AUD 2.83

So yes offer equiv per share has dropped significantly, but on 2 May offer equiv of 3.33 was similar to BSG sp, whereas current equiv of 2.83 represents a decent premium to current BSG sp of 2.53. So why isn't BSG sp heading towards 2.83?

Any thoughts/opinions appreciated.