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doudou the market isn't oblivious to the fact that the share prices aren't in line with the proposed merger. The market is suggesting that there is a chance that the merger will fall through. I can't be bothered arguing the merits (or lack of) just pointing out that's what the market is saying. If you buy VCN then you must be aware that there is a risk it will fall through. It could be through shareholder rejection of the deal, a better offer from elsewhere, possibly legal action. If the market does move to close the gap to reflect increasing certainty then it may mean VCN increases in price, or it could mean URL decreases in price, or perhaps a bit of both. Its an arbitrage game and as I said earlier I'm becoming less interested by the day in this calculation. I'm happier putting money into companies where I like the assets, the price and the management, and like to see 10-bagger potential - not 10%.