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And assuming no bump in the offer price. I think some small increase is likely.

I've bought some April 20, 2013 options at a $4 strike. When the next round of options (June or July?) opens up, I'll buy those at the same strike if I can. I figure if the deal blows up, I can at least exercise some of the calls at a good buy-in price. But given the players in the deal, all of whom are serious players and have substantial contacts and resources, I have no doubt this deal will go through.

The timing is tricky, but I believe they are trying to make earnings look low to support their low-ball buyout offer, and they can only do that so long without getting caught. Their strategy works best if the deal concludes before their next audit, which will start in early February. It would be ideal for them if they never have to file an annual report again. So while these deals often take a year, this one could be quicker.
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