At the end of the day, despite the CDE sell-off the bid value is...

At the end of the day, despite the CDE sell-off the bid value is theoretically worth $3.15 (at 86c) and about $3.30 (at 82c from when the deal was struck)

BSG is still at a significant discount to the implied bid price which is largely irrelevant if you intend on voting "yes"

In my mind the longer this arbitrage lasts the better. Just accumulate BSG and swap it for a higher value when the deal closes.