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