Eventually, I think. But right now the expectation is obviously that they will not complete the deal, and yet the price moved up a buck Friday. I think there's an illusion out there that Berry's value has been discovered by this deal, and it's worth a lot more than when this deal was announced, the better results aside. If it is an illusion, some pretty heavy players are going to get burned, the stock rolled over during the deal and is principally held by institutions and insiders. Personally, I'm going to take a hard look at some BRY puts tomorrow morning, see if I can find value.
I just looked and found no put volume except for nov $45 strike on Friday. People are not protecting their BRY positions and so they must be quite a confident bunch. The premiums are surprisingly inexpensive given that LINE deal is still shrouded in mystery. To me, it looks low risk, high reward situation....just that I do not play options anymore. I wonder what will actually happen to BRY stock price if deal is not consummated. If bigwigs are positioned as short LINE and long BRY, then there will be money to be made, if the deal gets scuttled.