Shasun Pharma merging with Strides arcolab

Need some help in evaluating this situation.

Shasun Pharma CMP - 186

Strides Arcolab CMP - 715

Approved merger ratio is for every 16 shares of Shasun, investors would get 5 shares of Strides arcolab.

16*186 = 2976

5* 715 = 3575

I believe if this merger was to happen today, it would be immensely profitable. But, since the time frame is not set so far, we might have to play a wait and watch game for this opportunity to be fruitful.

Also, share price of Strides also includes the expectation of the special dividend for the shareholders, which is expected to be around 100 per share! Two scenarios arise now, if dividend happens before the merger and if it happens after.

If dividend happens before, share price, assuming same level, would be at 615(after discounting for dividend). The profit doesn’t look that great from this investment.

If dividend happens after its a great opportunity in both ways, as either, shasun has to move upto reflect the value or conversion would get me a above mentioned scenario.

What should i do?