I used 15 cents to model the arbitrage opportunity. 13 cents is not too much of a surprise, but still not good to see.
I knew when I saw the announcement this morning I was in for a bit of pain. I'm glad I got out fairly quick or it would have been a whole lot worse.
I'm also curious about what we don't know about the agreements. People in PRH much longer than I may not have wanted the merger, but without much cash on hand I couldn't see another way out this good.
I would have thought they would do all they could to see it go through.
Oh well.
How about a post panic selling bounce?
PRH Price at posting:
1.2¢ Sentiment: None Disclosure: Not Held