Assuming the deal happens as speculated, you are probably right. However, if the deal doesn't happen and VRTS goes back to yesterday'sclose of $25.19, you would lose 12% (25.19/28.60). So you have to lookat this the way the professional arbs do which is to compare the potential risks and rewards. Based on those numbers, I'm not sure theplay is very worthwhile. VRTS is now trading at 27.45 so withoutreworking all the #'s, the risk/reward is now much better.
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