Isn't it better to buy PDL at the moment (if you're assuming the deal will proceed)? I guess it depends what the two prices were at the moment you bought, but there seems to be a healthy margin on the PDL side:
1 PDL @ $5.30 will get you $1.97 cash (either div or deal cash component) = $3.33 net cost for a PDL share. 1 PDL = 1/7.5th of a PPT share, equates to buying PPT @ $25/share, ~10% below current PPT price.
Someone let me know if I did the math wrong but that's how it seems to me that it would work out. I assume that 10% difference hasn't been arbitraged away yet as it's a risk premium for the chance the deal might not go ahead?
