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On Wednesday, when the deal was announced, the price of VISGD fell $1.62 to $16.06. At that price a share of IDNX would be worth $7.59. I think that price is currently acting like an anchor on the price of IDNX. VISGD does seem to have upward momentum now on relatively strong volume. It appears that there is a belief that there will be synergy created by the combination. As long as that belief remains, your analysis is valid.

Good Luck

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