The present day value of the contingent rights is $1.32 so the arbs will force the price up close to 14.82 in which case you can sell in the open market at that price prior to closing.
In any event I expect a higher offer to materialise because if Cubist financed the whole deal at 3% they would be paying $24millon a year for potential sales of $1billion in 2018. Those sales alone would add $5billion to the value of CBST........for $24 million a year in financing costs!!!!!
Other pharma companies who have a sales and marketing force sitting twiddling their thumbs can do the same math and so can every investment banker out there.
This deal will not close at less than $22 and probably higher