Okay, why is ALY trading 10% above its deal value?
That's an easy one: if you sell now you have a big loss. If you don't sell now, you still have a big loss -- just one that has not yet been realized. A holder of ALY today owns it to get shares of Seawell, a Norwegian company that does not yet have US trading shares (but they do trade in Oslo). If you want to own the backend, then better to sell your ALY stock now, realize the tax loss for 2010, and buy the SEAW shares now (in Oslo) or later when they are exchanged for ALY shares. If you don't want to own SEAW, then there is no reason to hold this today, unless you are a risk arb and can hedge the SEAW shares and the currency risk.