Your theory makes sense; them being quiet until the merger is completed as to not to jeopardize anything that could possibly impede this almost perfect fit marriage. I don't know about the $$ issue though. Didn't pay attention to the numbers except on the stock equivalence post merger.
Sorry for the brevity. ANY is not paying OVRL any cash..... they are paying with shares or put another way giving OVRL shareholders about 1/4 of the newly combined company.
ANY 24m shares
Allocating OVRL 8m (newly created) shares
32m shares total
8/32=1/4
ANY and OVRL feel the combo will be beneficial and ultimately will be reflected in the share price. OVRL is to be 1/4 of the new entity regardless if ANY's share price is $6 or $16. So no motive exists to lower the current price of ANY.