Good morning Mr. B.I`m stating these facts in general terms. Perhaps it applies to this deal or maybe not. From personal experience in this business for 36 years; I`ve experienced the following. When some investment banks know that they`re signing on a certain date, they short the stock as much as possible without drawing attention knowing the stock is going below the deal price. If they have stock left over they sell in the open market over time so as not to influence so much. They do this to free up the cash and move on to the next deal. This mat reduce their profit margin a very small amount. Doesn`t matter because they get paid a specific fee or commission at the closing.
As we speak the Primary is working behind the scenes to get the price of the stock above the deal price. Right now they are embarrased. They want to get the price up so they can keep the " buyers " ready for the nest deal. Best of success.