My take that is the shorts had no chance to cover KDR after the surprise announcement before the price jumped to the offer price, now that it is there they may as well keep the positions open on the chance that the offer falls through and the price drops again.
GXY on the other hand has a whole lot of upside, very little downside, and it makes sense for them to close out now and take profits.
My take that is the shorts had no chance to cover KDR after the...
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