I just recently invested in a company being taken out by a Chinese company. The take out was for 3.8. The last trade before the merger was completed was for 3.6. In fact, that day you could have bought for 3.58. Three days later I received my 3.80 per share. Not sure why it never traded closer to 3.8 but at got it in the end. Not sure why such a big spread on IM, probably because of the closing date of December. Anything could happen between now and then.