IMHO 1 of 3 things can happen.

1. K takes the cost of all the ARU shs. they own & tender them under the offer. The shares of K they receive in exch. are then retired against the total cost which benefits K shareholders. ARU would continue to run as a sub. if the offer is successful.

2. A better bid either cash or shs. comes from a different co. & K tenders. If it's cash the profit is between their cost & the bid.

3. If it's shs. there cost remains the same on the new shs. or until they dispose of them for their profit.

$8.20 is a completely fictitious number made up for press purposes.