Dividend doesn't change anything as cash component and BLD share price (if you bought after) will fall by $0.26 on the ex-dividend date
So yes you could say because $6.12 < $6.17 BLD is currently slightly undervalued. But this is contingent on SVW's underlying share price which was fairly volatile throughout the day, and changes in SVW won't immediately be reflected in BLD (to your benefit or detriment). Also note that BLD was trading around $6.16 for a while before close, so the market is pretty efficient most of the time.
In the age of high frequency trading, it's nearly impossible to make any profits from arbitrage once you take out transaction costs.
BLD Price at posting:
$6.12 Sentiment: Buy Disclosure: Held