I think with this instance. At most it is going to be a friendly...

I think with this instance. At most it is going to be a friendly merger. There is not likely to be any higher bids(read takeover premium) at this stage.

In addition, there might be an issue with ACCC which can kill the whole deal.

However, at current prices it should be a fairly safe arbitrage play. The discount should disappear once the fine details of the merger is available.