true but people/funds already have exposures and sell those down...

true but people/funds already have exposures and sell those down to fund their take up.

sophisticated market participants dont generally wait to game value gaps. they want capital risk off asap.

though that said - its also possible the behaviour is simple market reaction.  deal announced - stock goes up for a few days - then when deal specs are seen market prices it back to par

that would be entirely natural for a deal contingent on securing further funding

always a lot of moving parts around deals and unless you;re inside you never can say for sure

i wouldnt focus on daily sp if i was a holder - id focus on analysing lifx and BUD balance sheets and cashflows and making decisions from that