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Biotech / Medical : ARRIS - Another partner
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To: David Bogdanoff who wrote (350)1/9/1998 1:02:00 PM
From: Biomaven  Read Replies (1) of 353
 
David:

<<They already sold SQNA short; they have to buy Aris to cover their
short positions.>>

As I understand it, the arbitrage opportunity was consistently to buy SQNA and short Arris. The SQNA stock price was always under the price you would get in Arris shares under the merger.

If someone wanted to speculate that the merger would be abandoned, they would have shorted SQNA and bought Arris. I very much doubt there was much (if any) of this, and even if there was, unwinding the position would have little or no net impact on the combined stock.

Peter
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