Ann: GCS and SRG Merger of Equals - Presentation, page-6

I find the market behaviour very odd. Why would SRG (which trade at the discount) sell off when GCS hold steady? Surely the merger arbitrage guys would be fixing that up although there isnt much liquidity in this end of the market I guess?

If you think the merger is going to get through you would sell all your GCS and convert them into SRG and make a very tidy profit at the moment.