The cash lottery feature makes this an especially interesting arb. Since one can't be certain of whether they will receive cash or stock it has to price towards stock valuation yet there is a decent chance you can get all cash if you win in the trustee lottery. Started a small position today and expect to build over time. Agree that closing likely towards yearend. Also wondering what others think about risk of deal being restructured. Thanks and good luck.
I agree that most pro-rates between cash and stock give the informed investor a slightly better return because uninformed investors either fail to make an election, have a tax situation, or just don't understand what they need to choose.
Actually, it's kind of unfortunate because it probably hurts small investors. On the other hand, that's what mutual funds are for.
I doubt a restructurin will take place here - the decline is due to general conditions in the industry and with interest rates - not what I would consider a MAC.