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This is my biggest position by far. It is a very odd situation because there is deal risk due at this point to the EU opining that it is fair for example. The tender situation of a foreign stock is quite a rare event and I suspect there are three principal value discounts: 1. if you don't tender ontime today you may get held back a foreign dividend tax of 15%; 2. a rejection of the deal by shareholders or by the EU and you have stock in a company that is being managed to combine with QCOM and that is imperfect; and 3. the approvals and tender acceptance may be delayed by repeated extension and shares, once tendered, are no longer margin-able.
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