tinyteddy - mangrove do say that they expect the price of NABI...

tinyteddy - mangrove do say that they expect the price of NABI to fall following the current buyback. But nowhere do they say that they think it may fall back to the same price as BTA - so I assume that is your editorialising?

Indeed, there is no reason why the BTA price would be a relevant metric for comparison with NABI. What is relevant is the relativity between the BTA share price and NABI price in light of the number of NABI shares that are expected to be issued to each BTA shareholder in the event that the transaction proceeds.

As I have previously noted - the two are currently trading pretty much in-line, with the result that there are no arbitrage profits to be made through a long / short combination of BTA and NABI going into the deal. This makes logical sense - if there was an arb there I . . .and many others. . .would be looking to exploit it.