I think the reason it's not at 0.165 is because Cliff's offer is only valid if the merger is null and void.

So if Cliff's is not buying at 0.165 until the merger is nulled, the safe bet is to buy at 0.16 for 0.005 profit if the merger is cancelled.

If the merger goes ahead, alot of speculators dictate a higher eventual selling price.

so right now, 0.16 is probably what is seen as ' safe '
(as safe as one can be on penny stocks)

i'm personally a merger fan.