I guess Svm could withdraw their offer and refuse to tender to Pru without a sweetened offer. If enough Orr shareholders refuse to tender it might yield a higher offer. In that case arbitragers might not flee as they assume Pru will cave, but Pru is in the drivers seat. I do think they have the time to wait out shareholders and they have the guts to play hardball as they’ve already demonstrated.
ORR Price at posting:
57.0¢ Sentiment: None Disclosure: Not Held