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Is there some reason not to do a bull call spread, going long the 32.5 and short the 35? That lowers your net effective debit. Maybe those have evaporated, though?

However, I'm surprised the stock still trades so low relative to the deal price. That's a fairly wide spread, suggesting the market doesn't think a deal will go through. But I have no idea why. They've been haggling over this deal for months, and it's no surprise to anyone. So I'd think it was a good offer and not likely to go higher.

Jim
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