Quaker Oats dropped further to $88.95. The deal between Pepsi and Quaker Oats was a stock exchange of 2.3 PEP shares for each OAT share. Further, certain limits have been set where if the OAT share falls below $92, the deal can be called off (based on rough memory...). With the first factor, based on the price as of the second I am writing this, where OAT is 89.85, and PEP is $43.74, there seems to be a very wide spread which would seem to make some Risk Arbitrage an attractive option right now. With the second factor, you could argue that $92 is a floor for what OAT shares should sell for (meaning the present price is a bargain), or you could argue that the deal is in some trouble. But anyway, I am suddenly very curious as to how the talks with the FTC are going. Does anyone know how the talks are going with them? I would be especially interested in finding out if any hearings would be open door, and how I could get information on them. Admittedly the few news releases made by Pepsico are sparce, perhaps out of date, and not very useful.