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"However, if the deal doesn't happen and VRTS goes back to yesterday's
close of $25.19, you would lose 12% (25.19/28.60). So you have to look
at this the way the professional arbs do which is to compare the potential risks and rewards. Based on those numbers, I'm not sure the
play is very worthwhile."

I did not consider the risk/reward aspect of the deal. And 12% is a significat loss. That is another aspect of this deal I will have to consider.
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