Since it hasn't been closed on how many shares of VRNT we will get but they said it would most likely be 0.13 and with VRNT sitting trading @ ~10% below the rumored offer price from NICE, there is definitely some planning behind the scenes going on by the MM's.
So it appears your upside is ~$0.03 per share for now.
ie. if the CMVT buyout stays @ ~0.13 your value on VRNT at your entry price would get $33.71 * 0.13 = $4.38.
Now if VRNT goes up and CMVT does not, than that is your time to buy. But I'm sure you will see both fluctuating at the same ratio.