So 0.6313 shares of MJN for every BMY share tendered based on current quotes of 42.65 for MJN and 25.83 for BMY works out to a 4.2% premium; if I remember correctly the original offer was an 11% premium. Looks like BMY is trading in a range determined by corrected MC (less the MJN premium). If you tender when does it take effect, and when are your MJN shares delivered?
BMY will have fewer shares, less debt, lower revenue and a little less earnings analysts run the other numbers against possibilities of where the deal will wind up , then bid accordingly ..
of course, when the earnings come out,it's time for validation , or contradiction and the price will correct up or down, after that, it's bau and BMY will need to pull products from the pipeline, or buy smaller companies