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"Elantec shareholders will get 1.24 shares of Intersil stock and $8 in cash for each Elantec share, valueing the analog chipmaker
at $53.45 per share. "

I'm new to this stock, having found it on a technical analysis screen. My question is, why is ELNT not well above $50 in price, more closely reflecting its buyout price from Intersil? Even allowing for the $8/share in cash, shouldn't ELNT be trading around $45 at least. I haven't seen any news that the merger is in any sort of trouble. The gap down today is a bit disconcerting in light of the fact this stock is being taken over. Would anyone care to enlighten me? Thanks in advance.

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