yes either a) merger goes ahead and price drops back orb) Retail...

yes either

a) merger goes ahead and price drops back or
b) Retail holders get taken out with an unconditional higher offer.

I'm holding regardless at this stage purely on downside vs upside. If the merger goes ahead the future value is nicely higher by my calcs. If more offers come then as you know there's no warning it just goes into a trading halt.