Yes, but the SP would immediately jump to somewhere near the TO price at open after the TH. So, again for example, if the TO price was 5 cents, AGO would open somewhere around that, so you wouldn't be able to buy at the current price and profit from the gap. However, many people might choose to sell to take the immediate profit, which might drive the SP down a bit.
A recent example is Sirtex Medical (SRX) which jumped at open after a TH from $18.83 to $27.50 after an all-cash offer of $28 per share.
View attachment 1047553
GW
