RE:Does anyone know the answer to these questions ?Based on your question I will use exageratted scenerio:
If Aphria went to $1 share and Tilray was at $10 share. You are best to buy Apha.You would get .8381 of a Tilray share valued at $8.381 for $1 investment.
If Aphria went to $10 share and Tilray went to $10 share.You are best to buy Tilray because upon conversion,your Aphria share becomes .8381 of a tilray share valued at $8.381 a loss of $1.619 per Aphria share.
Both scenerios are using same currency of US dollars.
Ideally at the current time,the share differential should be that Aphria shares trade as a direct relation to Tilray shares at the 83.81% of the Tilray stock price. Being as such:
If Tilray is at $10.Aphria should be $8.381 per share US dollars.
Any variance in that ratio creates an advantage over the other in buying or selling either stock based on the example above.
The reason the 7.87 will no longer match up per your question is because that price does not reflect the 23% premium that was offered as part of the merger deal after the fact.
Hope this gives some colour to the current scenerio.