For houbahop, the one who needs to be spoon-fed Pay 0.465 for a GXE share.
Get 0.304 back in cash.
0.161 left for Newco, per GXE share
Each GXE share gets 0.152 Newco share, so you need 6.67 GXE shares to get a Newco share.
So that values Newco at 0.161 x 6.67, or about $1.07/share
40 million shares at $1.07 is about $43 million.
Take away the FULL $20 million in cash, not even the $13 million you "calculated", and you are left with $23 million for the actual assets.
Cheap, maybe, but certainly not free.