We go up from here as Cubist either sweetens the pot, other Pharma enters the picture for a bidding war......Either way your am a bad way......
Shorts don't really need to cover unless enough buyers come in to force margin calls. Shorts are guaranteed a cover at $13.50 once the deal closes and shares are cancelled.
Was in HGSI when it was taken over. First offer is just that... an offer. Second offer is the real deal. I predict the $2 CVR ends up as $1.50 in cash... for a $15 buyout.