nabi share price confuses me

Hi

I've previously posted analysis of the benefits of buying NABI at recent share prices (i did the analysis a month or so back) as compared with BTA.

The analysis was based on the value of the cash dividend to be paid by NABI and the see-through value of BTA scrip.

The STRANGE THING is that NABI had a record date of 26 October for the dividend to of 99 cents to $1.10 that is being paid in connection with the merger

http://globenewswire.com/news-release/2012/10/16/497575/10008626/en/Nabi-Biopharmaceuticals-Sets-Record-Date-for-Cash-Dividend.html

Prior to the record date, NABI was trading at around $1.80. It is now arond $1.70. This just doesn't make sense - the post-dividend dropoff should have been around $1.00, not ten cents.

If the facts are as they seem. . . . it is great news for BTA shareholders. Based on the merger ratios etc, a $1.70 NABI price post-dividend would translate to around US$1.27 per BTA share.

What am I missing? I have tried calling NABI HQ to confirm that they are trading ex-dividend, but haven't yet gotten through.

Cheers

Geraldine