RE:35% pullback?In the event of a paper deal, I would suggest that the discount would be considerablly higher vs a cash deal. The reason is because in order for the arb investor to lock in his profits, he has to short IMG in addition to buying MXI. On a cash deal, the arb investor only needs to buy MXI and tie up that money for 6-8weeks. So double the discount at least on a paper deal.