merger, page-4

The disconnect between CQT and CAH SP is becasue it isnt a real arbitrage situation. You cant buy CAH and trade them in for 3.33 CQT shares and you can buy 3.33 CQT shares and trade them in for CAH share. Only just before the time of issue will CQT be worth 0.3 CAH. Until then, there is going to be a slight difference due to risk and potential of each company.

Having said that, they will track closely...but not exactly.

Basically a key to arbitrage is that you need to be able to exploit the difference in price immediately. This is not the case here.