I don't think BBT are just in it for some merger arb on their shares. They've gone out and raised $130m for this. It wouldnt've been easy. They've had to go and sell the acquisition to a whole lot of institutions to put in that money, and who won't be pleased if the money is still lying around in 6 months burning a hole and they're trying to find something else to fill the earnings gap that PBH would bring.
I think they're pretty committed to this, and I'd guess this isn't best and final, it's just something to get in the door to start discussions with PBH.
PBH Price at posting:
$1.09 Sentiment: None Disclosure: Not Held
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