Good post. My post explains why a 5% premium exists on what looks like a sure deal. As indicated in my previous post, I not saying anti-trust or economic issues will kill this deal. However, since 2008, arb's need to be a bit more careful when analyzing a deal. You did your homework, but a lot of rookie arb's think this is free money. I had significant money in Rohm and Hass and Sun. Until you lived through deals that experience problems, you don't appreciate the risk. The deal likely closes at $40, but folks should do their homework before trading arb deals.