An update to the previous post. (http://livevol.blogspot.com/2009/12/bristol-myers-bmy-mead-johnson-mjn.html) Preliminary Results NB: There is a three day protect so we will not know for certain until then. 500,547,697 shares of BMY ended up being tendered (out of a total possible of 2 billion shares). Since a total of 270 million were able to be tendered and converted to MJN (see earlier blog for details) the conversion ended up being: 270/500.5 = 54%. Recall we knew that at least 13.5% would be converted - though that lower bound was unrealistic for a number of reasons (again, I direct the reader to the original blog). Here's how the math worked out: Version 1: If we guessed everyone would tender Bought 100 shares BMY for 25.68 (the price as of the first blog). Sold 14 shares MJN @ 42.49 (the price as of the first blog). To clean up: Sell your net 20 shares MJN and sell your net 46 shares BMY. Done. Final Pnl: $9.66 (long BMY) + $12.46 (short MJN) + $27.68 (converted shares) = $49.80 Or, $49.80/114 = $0.44 per share. Version 2: If we guessed a 50% conversion rate Bought 100 shares BMY for 25.68 (the price as of the first blog). Sold 50 shares MJN @ 42.49 (the price as of the first blog). To clean up: Buy your net short 16 shares MJN and sell your net 46 shares BMY. Final Pnl: $9.66 (long BMY) + $44.50(short MJN) + $27.68 (converted shares) = $81.84 Or, $81.84/150 = $0.55 per share. Updated blog details: http://livevol.blogspot.com/2009/12/update-bristol-myers-bmy-mead-johnson.html