Nexen Inc. 7.35% Sub Notes 2043 NXY.P.B

RE: Arb

[malx1]

There is no arbitrage opportunity here.  The shares are discounting the possibility of the acquisition being blocked.  There is no certainty that the deal will be approved.

Arbitrage requires an offsetting transaction to eliminate market risk. 

If the acquisition fails, NXY will find its equilibrium at lower prices.