The reason for the price gap is that to buy before the conversion you have to pay brokerage fees. If you wait then there is a straightforward (no cost) exchange of shares.

The price driver is AR. The "gap" will remain quite constant until the deal is closed.

In my view we will not get outside suitors. AR though may well be on someone's radar and that again "in my view" is a best case scenario as we could be swept along in the process and thus gain any "takeover" premium that is offered in order to get AR.

Onward and Upward