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My focus is on the merger arbitrage spread, which I expect to narrow after LUK goes xd. There is some low risk profit if JEF goes down more than $.20 on the LUK xd.
I'm not playing the arb spread. I want the stock (LUK) for the loner term. This company is way undervalued (if the merger occured today). A few pennies doesn't mean anything to me.