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I sold about half my position by shorting MNK when the merger equivalent price was about 96 so I did leave some money on the table too. I am still keeping half as I think the relative undervaluation of QCOR will not be as pronounced for the combined firm as it will be more difficult to attack due to its diversified nature. The flipside is that MNK is not at all undervalued so that the combined firm will be less undervalued than QCOR.

The only downside to the quick increase in stock price is that the margin of safety is now much lower and one must have some appetite for risk to invest in QCOR or the combined firm now. IMHO, it is still a decent risk/reward play but nowhere as compelling as it was a year ago.
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