You are right about one thing however. Management is smart. They assured themselves no loss on the merger by granting themselves their share options days ago. That will cover any loss for them while the shareholders pay for it.
I am sure you have heard of the shell game. Let me give you a simple example. Today you have a 1000 shares for example. Multiply 1000 shares times 11.90 (approximate SP at the open). Next replace your 1000 shares with 283.7 shares of PACW. Then multiply 283.7 times 34.77 (SP of PACW and you will notice they are taking back your gain. BUT worse yet is the Average SP of PACW over the past 3 years. Mid 20"s if you are lucky. Like most merges the SP will drop after the merger taking you down even more. All this when CSE had lowered share count and should have been breaking out on it's own. Check PACW earnings and beware. In addition you noticed that the management team gave themselves options less than a week ago and they all have new positions in PACW and you have no idea of their golden parachutes there. Wake up. The deal should have been at least .5 shares of PACW.
I hardly consider this buyout an amazing win for shareholders. I bought my first shares in late 2007 for over $17. Considering all the shares I've acquired over the years, including the big batch I was able to grit my teeth and buy at $1.04, I'm in at about $6 per share.
So I get out at about $12. Not bad, on the face of it. But I passed up a lot of other opportunities in the intervening time.
I guess it could be worse. It could have been taken out when it was $7 or $8.