Good point Bellenut.Are those selling LEIE market makers or...

Good point Bellenut.

Are those selling LEIE market makers or existing holders who have already accepted the offer and are selling part or all of their remaining holdings?

Given that the buy and sell stacks are uneven and not changing in relation to LEI, would think that it is the latter.

PS- Question goes to whether you can get a slice of LEIE at some throwaway price. If it is market makers selling, they would be making a market according to some formula based on the theoretical ex-takeover price so there would be little to no arbirtage possible.