Value At current spot F/X, initial equity distribution is down from 0.22 to 0.19. Of the US$405mm deal value, shareholders are entitled to ~$70mm. The stock is essentially a 7x levered bet on the USD and therefore highly risky.
Also, the shareholders may see some of the escrow, but IMO i don't believe they'll get all of it. Shareholders pony up 83% of the escrow (vs convert holders) and take first loss. Ie the escrow will need to decline 83% for any convert holders to take a loss.
Assuming F/X rates stay constant, and there are no additional costs and zero escrow is used up (not very likely), shareholders may get 0.30. IMO the stock at 0.25 isn't a great bet (no position). This could be worse if Olma & Co choose to sue.