Sorta wishing I'd sold out at $12.20 area too....very surprised to see this still trading at a premium to the BO deal....leads me to think the street may expect a counter offer? Why else would it still be trading up here? Short squeeze happened on 7/23, most covered, so that's not what's going on here.
I sold out at 12.20. It irks me that it's at 12.30. I think it's unlikely the deal gets changed. Were I still in, I'd take that 12.30 and run, thanking PACW for creating that quick run-up. I wish all my stocks would get taken over, so I could sell at nice premiums to the current price and find new equities to buy.
An alternative bid is doubtful because so many minefields were set by management to prevent competitive bids. It seems that one of the mine fields consists of binding language that if the merger fails to go through PACW is guaranteed the right to buy 19.9% shares of CSE at a maximum of 9.69 a share. What company would offer a higher bid knowing they would have to surrender 19.9% of CSE shares for $9.69? There seems to be several conflict of interest people involved in this transaction as well. Time will tell.