Out of all the stocks under takeover this one seems to be at the...

Out of all the stocks under takeover this one seems to be at the largest discount. Using mid Feb as the implementation date the stock is trading at 8.3% discount or 33% annualised. I'm thinking of buying in for the arb but the large discount has me questioning the likelihood that it will go through as I am always cynical that the market may know something that I don't.

Having said that I purchased RAP at a 9.5% discount which wrapped up in one month for a 114% annualised gain so I guess these type of situations do exist.