...so you are saying this is just arbitrage trading and half of dozen companies are doing this...
Have you ever bothered to calculate whether what you claimed makes any sense?
Let's take yesterdays closing prices: STX 43.5c and TPD 21C. The arbitrage profit would be 0.4828 / (21/43.5) = 1.00008571
So if someone would have sold 1,000,000 STX shares with this ratio and bought TPD shares he would make a "profit" of 86 free STX shares after those TPD shares are transferred back to STX via the t/o proposal...
The margins of such arbitrage trading are tiny in this case... even if the ratio between the STX and the TPD share prices is from time to time a bit more favorable for arbitrage trading, it makes no sense anyway...
I think, the conclusion we just see some sort of arbitrage trading - from a half of dozen companies - is simply completely wrong...
(even it might sound smart...)
shorts, page-610
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