It looks like the call option conversion price for the majority of the position is higher than the TO price, around 49 cents, so you would "close" the position if the TO was lower than that, which it is. Sounds like HL did try to extend and renegotiate but couldn't find a deal with DB.
So, it actually makes sense if they are expecting a 45 TO.
It looks like the call option conversion price for the majority...
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