RE: it is the norm Probability said:
"The purchaser always (9 out of 10) timestrades like this until deal closes money is where my mouth is heading to 100,000 shares"
Bang on! You can short IAE if you hold Valiant and cover your short with your IAE shares when they are issued (note the short book is getting pretty big). I fully expect to see IAE sp rise nicely after the acquisition.