Acquisition by issue of shares

Hi John,

When a firm offers shares to buy another firm, I am getting a little confused when calculating the gains to share holders of each company because the calculation showing in Chakuka MJ21 and Hav Co are a little different to each other.

When the new shares are issued to the target company, how do you actually value these shares? I thought we used the post acquisition share price to value these shares and work out the difference?

Or, should we value these new shares using the pre acq share price of the Predictor? like Hav Co? (please note, Hav Co actually offered mix consideration share+cash)

Thank you