No, it was not a done deal the day it was announced. It still...

No, it was not a done deal the day it was announced. It still requires shareholders approval so it is not in the bag as some people think.
What I have noticed that a lot of the selling of late has been from small investors. Myself personally I am still in the accumulation phase as I have not yet reached my desired target.
Please also note that if the merger goes ahead, some of your BSG directors will be majority shareholders of CDA and therefore may have an input on the direction of the company.
A further note is that BSG/PJO structure made it very difficult for any takeover to suceed. The reason the structure was initially formed was actually to prevent the takeover of BSG at a firesale price.
The CDA/BSG structure on the other hand trading at a NAV of 1.1 and having a reasonably open share register will make it in my opinion a lot more attractive for one of the major silver miners. There are at least two more months to go before you have to make a decision.
Consequently my current advice is let cooler heads prevail and continue to monitor the announcements. Also the major factor at present is the drop in the POG and POS and the inability of Gold breaking through some key resistance level, remembering also that the best quarter for Gold is always the last quarter in the calendar year, so at present Gold is actually holding up quite niceley. Read the latest Grandich letter on kitco.com, very informative.