Dear Doug - I don't know if the Empire State Building is built in a single day. I really don't know what is going on in the heads of the related CEOs, the arbs, the fund managers, etc. Triple witching is yet to be unwinded [my guess is that it will be well into Mon.] Window dressing another 8 business days. I ve a longer time horizon than that!
Obviously, if the street expects a cash bid coming, then you are right about the arbs being disappointed and all that. I don't know why people would think that way though. I don't mean it is inpropable, but it sounds like doing crapshoot. Or maybe people trading on momentum, or the lack thereof. I am not a trader, so I am not going to worry about today or tomorrow, unless there are some stories that may affect the fundamentals of either [or both] co.
The thing [for me anyway] is that one can only draw a logical conclusion if one has all the pertinent premises; otherwise, one has to include one's own requirements, such as faith and time horizon etc, to determine what is the best course of action to be taken.
Best, Bosco
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