Up again. Now 36 million. I don't understand it. Just keeps increasing.
Up again. Now 36 million. I don't understand it. Just keeps increasing.It probably ACAS holders hedging their position to protect their merger positions. From my standpoint as an ARCC shareholder it should create a floor going forward. A lot of those shorts will disappear as they are covered by ARCC shares received at the merger. Since the shorts have to pay the $0.38 quarterly divvies their might be a squeeze if the merger for some reason is delayed or cancelled.b&w
There is still an arbitrage opportunity.Back on 12/15 there was a 3.17% gain available to those who buy ACAS and sell (or short) ARCC. The values continue to converge, but at the 12/30 close, there is still another 0.97% gain left.ARCC 12/20: $16.49Implied ACAS value: $18.09ACAS 12/30: $17.92Arbitrage gain: 17c
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