Here's my formula for FIS's sahre price, which takes into account Newco (spinco) will have about $10 million more cash that AMW once the DML deal is done.

 

DML sp x 0.355 +  AMW sp x .152  (1/6.6) + 0.06 for extra cash

currently this equals:

=  1.32 x .355 +  2.63 x .152 + .06 =  93 cents.

We are still undervalued an an arbitrage opportunity exists to make 93/83 - 1 = 12% in 2 months when the DML deal goes through and this opportunity should correct itself/disappear