No, I think the comment i refer to is just the look into the...

No, I think the comment i refer to is just the look into the acquisition of shares by IPH -thank u for the other details - i had in my mind that IPH was so much larger that the accc would more likely knock this back than the other- but i f u look at market cap it is a different story than patent attorneys
the so called arbitrage opportunity u talk of will always be greater with a scrip component -only about 60% is cash -so an arbitrage of about 9% reflects about 6 or 7% extra discount to allow for a drop in the acquirers share price at some stage of say 15% ( .15 times 40% of the value is 6%) -they have done well today as iph is up!!
the 2 or 3%left over reflects some allowance for uncertainty and time - so at this stage the market is certainly not anticipating a higher offer