If RRL is the buyer of BGL and RRL intend to fund the offer with...

If RRL is the buyer of BGL and RRL intend to fund the offer with a scrip bid, then the obvious thing for an insto to do is to buy BGL (prebid being the cheap asset) and sell RRL (the expensive assist). The bid means they can convert cheap BGL into RRL expensive. But if they short RRL now they are neutral on conversion therefore hedged. They just get the benefit from the cheap BGL scrip. So can anyone tell me what the short position is in RRL and what it has been doing over the past 2 weeks. That might indicate what the true insiders are doing and what is actually happening Thanks.