Tai Co vs. Strand Co calculation

Hi John, I have a question about how to calculate the percentage gain for a target company when acquiring using a mixed offer.

For 2018DecQ1, the percentage gain for Tai Co is calculated as [(cash price + combined company) – Tai Co share price preacquisition]/ Tai Co share price pre-acquisition = (2.09+2.6-3.8)/3.8=23%
However, for 2013JuneQ2, the percentage gain for Strand Co is calculated as [(cash price + parent share price) – Strand Co share price preacquisition]/ Strand Co share price pre-acquisition = (1.33+9.24/2-4.76)/4.76= ($5·95 – $4·76)/$4·76 x 100% = 25·0%

I am wondering why in the case of Tai Co, the suggested answer calculates the consideration as cash price + combined company. Still, in the case of Strand Co, the consideration is calculated as cash price + parent share price.

If I calculate Strand Co’s consideration using (cash price + combined company), which is the way used for Tai Co, it results in a different answer.
Here is what I did:
Combined company share number = 2400 + 600 share exchange = 3000
Combined company value = 29603 – 1.33*1200 cash paid = 28007
Combined company share price = 9.33
Percentage gain = [(cash price + combined company share price) – Strand Co share price preacquisition]/ Strand Co share price pre-acquisition = (1.33+9.33/2-4.76)/4.76 = 25.9%

It produces a different answer, 25.9% versus 25%.

As both questions compute percentage gain in a different way, I wonder how we should calculate the percentage gain, would it be as [(cash price + parent share price) – share price preacquisition]/ share price pre-acquisition; or would it be [(cash price + combined company) –share price preacquisition]/ share price pre-acquisition?

Many thanks!