They did ... were they and are they still correct? It's called arbitrage. The usual strategy is Sell the Acquirer and Buy the Acquiree (and that should be obvious since the acquirer is paying "good will" to buy the acquiree above book value ... and they have to account for that in their balance sheet).
I sold all my US holdings of PLL (as disclosed on PLL forum) given the price at the time (all sold over US$13/sh) AND the FX ratio made SYA appear "even cheaper". I did not not buy more SYA.ASX though. I'm surprised there has not been more selling (of PLL in USA) given that they would be swapping their US listed stock for an merged company that is ASX listed (primary).
But what is your point? Do you think KP would be buying SYA.AX when he'll have no further role once the merge is completed.
SYA Price at posting:
2.5¢ Sentiment: Hold Disclosure: Held
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