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The price action (down 10%) over the last 3 days seems unusual to me in a buyout situation like this. The run up prior to the buyout annoucement suggests to me that someone knew about the offer before everyone else. Does the steady drop in price over the last few days suggest that someone knows that the deal will not be approved or will have some sort of hiccup?

It seems to me that arbitragers should be all over this and thus cause the price to trend toward the offer...

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