Summit Industrial Income REIT Unit SMMCF

RE:RE:two questions

[William32]

What do you mean by " The 4% return we thought we'd make on the merger arbitrage turns into 1%" ? 
There is currently a gap of ~5% between the closing price and the current share price, no? I understand that there may be a gap due to the risk that the deal goes off the rails, the loss of opportunity from that money locked-in, etc., but why are you referring to 1% on the merger arbitrage?