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Good question. Any PFG dividend will be deducted from the offer. But NSF dividend effect will depend on when the proposed deal goes through & when NSF proposed final dividend will go XD.

Not been able to fully research this but appears at first glance to be a case of NSF management being preferred to PFG. NSF are a minnow in comparison to PFG so looks like Woodford etc have lost patience with the PFG management & decided to replace with NSF team.
The combined group with (hopefully) a much better management team, cost savings, enhanced opportunities due to access to larger number of clients should be a much better proposition than current.
The valuation of PFG at £5.11 (based on NSF closing on 21 Feb) seems very low IMO but its the future value for LT holders that is the driver. Current SP of £5.30 suggests support but then again given Woodford's etc shareholding there should be given they are backing the deal...
If above is all correct then should be a great opportunity to be on board the leader in its field.
DYOR etc

Offer for company

US Supreme Court's ruling has hit the SP even though it was predictable (US courts virtually always find in favour of US companies/citizens) & has afforded traders a great opportunity to exploit the fall-out.
This is purely speculative on my part but I would not be at all surprised if the company were to be swallowed up by a much larger US company.
DYOR etc

Current SP weakness is perverse. But does tend to lurch from highs to lows in short space of time. Given the FY results later this month should have some serious forward traction over next 2 weeks particularly since dividend being re-instated. Has to be a massive buy at this level.
DYOR etc

Results are reasonable given the legals. INDV is in a market (opiod addiction) that (sadly) is a growth market & has innovative skills in developing new products. At the current SP there is upside & the chance (albeit slim) of getting anything from the US courts plus takeover action (due to low SP) adds further spice to the mix.
DYOR etc

There is no uncertainty about US courts always finding in favour of US companies or US citizens. The BP spillage in the Gulf is a good example of just how unfair US courts can be. So its very likely that the Supreme court would rule against INDV in order to allow US citizens to get cheaper medication supplies. However, believe that this is already in the price & should be some good upside from current position.
DYOR etc

When an update like today's appears its a gift for Traders. Is it a positive or negative update? Open to interpretation. IMHO its a broadly positive as no bad news. But, as evidenced by certain posts on here, it also unleashes fear & trepidation. Traders love fear & make money on the back of it. Also market generally is down so this has added to the SP going south.
Tomorrow is another day & with a half decent general market the SP should regain some/all of today's loss so current price is a buying opportunity.
DYOR etc

Understand his concern about management credibility. But this is a cutting edge business in a very competitive environment against a challenging economic backdrop. The management have to be allowed a certain amount of tolerance wrt guidance.

The update is not that bad & certainly market has smashed the SP. I think there's good upside here IMHO.

DYOR etc.

It will be interesting to find out how much the "nominal dividend" will be. Given the large dividends declared 2 years ago this could be anything from 5p to 25p or more... If 25p+ would be a game changer & I speculate that this will be the case. DYOR etc

Stocking up ahead of the inevitable change in BoD.
Sutherland will be spread on toast & the Dunkin donut will return.
Big increase in SP which will only be sustained if the company starts committing more resources to online.
Otherwise will be another trophy for Ashley to add to his retail collection.
My speculations DYOR etc

Its the Biblical principle at work here "A house divided will not stand..." BoD going 1 way & Dunkerton going another...I think parts of each is correct way forward. BoD & Dunkerton need to bury the hatchet & work together otherwise they're going to sink this as investors lose confidence that they can move the company forward. Sea change in shopping habits including value shopping & buying online are the big challenges & they need to get a grip to deal with these. If they can work together then will be v positive for the shares & if they can't then short-term v negative unless Dunkerton can take private.

Price had declined considerably before Court ruling & then plummeted. At this price has to be reasonable punt although obvious risks remain. Must also be a takeover target at this price.

I think you're right, market doesn't necessarily pick-up on these things straight away, at least not on Friday pm... PFG has turned a big corner & your forward projection of £10 is now much more realistic than before FCA authorisation. Hopefully, Woodford will continue to hold & I think he will now that there's some clear blue sky ahead. a return to dividends at y/e will also help enormously.