XIP merger - Really Good or Really Bad?, page-3

From:
https://blog.patentology.com.au/2019/02/listed-ip-group-iph-ltd-acquires-nearly.html

At today’s opening price for QANTM of $1.51 per share, the amount paid by IPH for Xenith shares is almost exactly equivalent to the offer on the table under the proposed merger of 1.22 QANTM shares for each Xenith share.

QANTM shares are $1.67 at present 11,891 volume, which suggests Xenith is trading lower than it should be?