RE:Next steps..I have a smaller position and am underwater as well so I'm still holding. $1.65 is the likely scenario and the market is pricing it as so. Only think that could change it is if the deal doesn't go through at which point the stock would drop significantly at least for the short term. If I were up, I'd sell into the volume today but I'm not so I'll wait until the dust settles. You have a pretty sizable position so I'd likely sell and move on to the next. If this does fall apart, you'll be able to buy in lower.