RE:RE:RE:RE:RE:Great poker gameGood luck in your assumption that more than 85% of recent buyers plan to tender to SU or else why do they buy... Ha Ha ! You should note that not everyone is like you seeking only arbitrage gain... The stock market is a world of long term investors (eg Seymour), medium term investors (eg forecast123), short term investors, traders and arbitrage hunters etc... I have read an article that arbitrage hunting is risky especially for hostile takeover bids which has less than 50% success... Personally, I don't even consider arbitrage path because the time window is so small and it is too much building one's destiny on the hands of the acquirer !